Key Points of the News 👇

1. Mnuchin's Bid for TikTok: Former Treasury Secretary Steve Mnuchin is actively pursuing a bid to buy TikTok amid concerns about its ownership by China-based ByteDance and potential national security risks. This move comes in response to a bill passed by House officials, requiring ByteDance to divest TikTok within six months or face a US ban.

2. Rebuilding TikTok's Algorithm: Mnuchin aims to rebuild TikTok's algorithm in the US to address Congressional concerns about national security. This strategy may involve partnering with a tech company, with Oracle being a likely candidate due to its existing involvement with TikTok in a project called "Project Texas."

3. Oracle's Involvement: Oracle, led by billionaire Larry Ellison, is already working with TikTok on Project Texas, which involves storing US user data on Oracle-operated servers. However, there are doubts about the independence of TikTok from ByteDance, as former employees claim continued close collaboration with Beijing-based executives.

4. Potential Buyers: Mnuchin has been in communication with former Activision-Blizzard CEO Bobby Kotick, who also expresses interest in acquiring TikTok. Despite this, gaining approval from both Chinese and US governments remains a significant hurdle, especially with China's opposition to any forced sale of TikTok.

5. Regulatory Scrutiny: An Oracle deal is seen as less likely to draw regulatory scrutiny compared to big tech firms like Apple, Google, or Meta. However, it's still uncertain whether any potential buyer, including Mnuchin or Kotick, can secure the necessary approvals from both governments.

Overall, Mnuchin's bid for TikTok, along with the involvement of Oracle and other potential buyers, highlights the complexities involved in addressing national security concerns and navigating regulatory challenges in the tech industry.

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