Oracle chairman says SoftBank’s Masayoshi Son likely to join TikTok board: Fox Business
- TikTok is likely to add Masayoshi Son of Softbank to its board if the Oracle bid is successful, says Larry Ellison, according to Fox Business Network
- The potential involvement of the legendary Japanese investor is the latest twist in the deal negotiation process
The other four out of five board members “will be American”, Bartiromo said during an edition of Mornings with Maria, citing a conversation she had with Oracle Chairman Larry Ellison this week.
The potential involvement of the legendary Japanese investor was the latest twist in the deal negotiation process as the Chinese-owned hit video-sharing app attempts to strike an agreement on how to operate in the US.
The Trump administration has said that the app’s Chinese owner could threaten US national security because it can be obliged to hand over sensitive US personal data to Beijing.
As of Tuesday, Oracle’s bid for TikTok’s US operations reportedly still included ByteDance founder Zhang Yiming on the board. Walmart chief executive Doug McMillon will become a director. The rest of the board will consist of ByteDance’s existing backers, including General Atlantic and Sequoia Capital.
06:02
Global expansion of TikTok and other Chinese tech companies is likely, only not in the West
SoftBank has been exploring a bid for TikTok’s India assets in the past month. Since the discussions for the India operations have petered out, the Japanese investor has become more active in the group negotiating for the US assets, according to news reports.
The Japanese conglomerate owns a small stake in TikTok’s Chinese parent, ByteDance. SoftBank led a group of funds that invested US$3 billion in ByteDance in 2018.
Representatives at SoftBank, ByteDance, TikTok and Oracle did not immediately respond to emails seeking comment.
TikTok removes over 100 million videos for rules violations
SoftBank has a long history of investing in American tech companies, including Amazon, Tesla, Netflix and Alphabet in a combined US$3.9 billion in investment, according to its website.
Son, one of Japan’s richest men, and his US$100 billion SoftBank Vision Fund are in need for a win following a debacle in its acquisition of co-working start-up WeWork, which failed to complete its planned public offering due to worsening business and CEO scandal.
SoftBank reported a loss of US$6.5 billion in November from flops including WeWork as well as the disappointing stock debut of Uber.
06:35
US demands for TikTok may escalate decoupling and hurt businesses, says China expert
It is unclear whether SoftBank is in talks to acquire any new stake in TikTok’s US operations or plans to roll over its existing investment in parent company ByteDance.
Trump says Oracle’s TikTok deal is off if ByteDance keeps control
Meanwhile, China in August passed updated export control rules that would require Beijing to sign off on the deal if the US consortium buys TikTok’s core technology as it is now subject to the government review before it can be sold to a foreign owner.
The companies have until November 12 to hash out a structure that would keep both Washington and Beijing happy.
