The TikTok saga finally comes to an end, all that you need to know

5 min read | September 22, 2020 02:13 PM AEST | By Team Kalkine Media

The TikTok saga finally comes to an end, all that you need to know

Why will TikTok not share its algorithms and technologies?

The statement released by ByteDance on 21 September states that Oracle has the authority to check the source code of TikTok USA, but the algorithms and technologies are not part of the whole deal.

Source code is the basis of any application and softwares and to spot any data security concerns, and source codes are inspected as a common practice.

TikTok's recommendation algorithm is one of the most widely popular algorithms in the tech industry. The algorithm has been the app's critical driving force. It is designed in a way to keep suggesting videos to the users; keeping them hooked to the app. It also has a function of not allowing users to exit the app at one go. The user has to tap on the exit button twice to leave the app.

Mental health experts also criticise all these functions as it is impacting the mental health of the young generation.

ALSO READ: Oracle eyeing TikTok operations as it spins off into a separate entity

What President Donald Trump has to say about the deal?

The US President Donald Trump said that he had approved a bid by Oracle and Walmart to take over TikTok's US operations. He said that the beloved app by American teens would not be banned after all. On Saturday, while leaving the White House, Trump told reporters that the combined company is "conceptually" an excellent deal for the US. The new company will continue the name TikTok. The headquarters will be in Texas, and it will employ at least 25,000 people.

Trump said that he has given his blessings to the deal and if the companies get it done then it will be great; if they do not, then that is also Okay. He said that whether the deal happens or not, conceptually he thinks the deal is great for America.

GOOD READ: Are the tides turning against Chinese tech companies?

Why was TikTok in trouble?

TikTok has mentioned in the email stating that they are pleased by the proposal which will solve the security concerns of the US Government. The Trump Administration had raised national security concerns over the app, stating it could be sharing data of the 100 million US users to China's Communist Party government.

ALSO READ: China’s Internet Play: Issues, Censorship and ByteDance in Action

Biggest-ever technology IPO debut?

TikTok's parent company ByteDance said that they are planning to hold a public listing. The battle over trade, security and trade dominance is now looking to settle down with ByteDance-Oracle deal announced over the weekend. The deal will avert the ban in one of TikTok's hugely successful markets. The short video sharing app is popular among Gen Z and millennials. It intends to go public on the American stock market within a year. It is believed that the TikTok's IPO will be one of the biggest-ever stock market launches in the technology sector. Now the entire world is eagerly waiting for ByteDance, TikTok's owner to close the deal with Oracle which has blessings straight from the White House.

Did You Read: Chinese Arrest Escalates the US-China Tensions, TikTok Ban Also on the Cards

Hunt for a new CEO

Apart from the deal status, the video-streaming app has reportedly approached Instagram co-founder Kevin Systrom for taking up the operations as CEO. The reports suggest that the talks with Kevin Systrom are in early stages.

In 2010, Kevin Systrom and Mike Krieger co-launched Instagram, another highly popular social media application. Systrom and Krieger sold Instagram to Facebook in 2012 for USD 1 billion. Kevin Systrom remained CEO of the photo-sharing app until September 2018. This year Instagram launched an additional feature Reels to compete with TikTok directly.

TikTok's does not have a CEO on board since late August 2020, when last CEO Kevin Mayer left the job in just three months.

Good Read: Oracle Won the Bid for Tiktok’s US Operations; Shares Zoomed Over 4%.

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