2. TikTok state of play
TikTok's parent company ByteDance has submitted a proposal to the U.S. government in which Oracle will become the Chinese firm's “trusted technology partner,” storing and securing the data within U.S. premises, per CNBC.
Why it matters: Microsoft, in conjunction with Walmart, was for weeks considered the top contender, but said Sunday that its bid had been rejected by ByteDance.
Yes, but: It's unclear whether President Trump will accept the Oracle deal.
- Oracle and other investors would own a minority stake, while ByteDance would maintain majority control, and access to TikTok's coveted algorithm.
- Walmart has reportedly joined Oracle in talks with ByteDance.
- Republican Sen. Josh Hawley has called on Trump to reject the bid.
Be smart: Oracle is one of the few tech companies that has close ties to Trump. Axios' Dan Primack reported that Oracle executive chairman Larry Ellison earlier this year held a fundraiser for Trump, and Oracle CEO Safra Catz served on Trump's 2016 transition team.
What's next: If Trump rejects the bid, TikTok could soon face a ban, sparking the likelihood that TikTok would file a temporary injunction.
- The Trump administration said in a court filing Monday that the executive order banning TikTok from the U.S. won't affect employees' paychecks, per CNET.
What to watch: Creators are bracing for the worst. Charli D'Amelio, one of TikTok's biggest stars, joined TikTok rival Triller last night.