Oracle is leaving Silicon Valley for Texas as it embraces a WFH model made common by the pandemic. The Business computing giant is moving its HQ from Redwood Shores in Northern California to Austin, which has been luring tech companies for long and is home to the South by Southwest Festival which has an “interactive” part devoted to internet innovations. Elon Musk, this week, confirmed his move to Texas, which offers a low-cost living and zero state income tax.
Over 9 in 10 people in India think robots can support their overall well-being much better than humans, a new Oracle study revealed. A whopping 91% of Indian workforce surveyed said they’d prefer to talk to a robot over their managers about stress and anxiety at work. The WFH culture has severely impacted the mental health of a significant percentage of people globally, with 70% reporting more stress and anxiety at work than any other previous year.
Oracle announced key updates to its Oracle Fusion Cloud ERP and Oracle Fusion Cloud Enterprise Performance Management to help businesses to rapidly adapt to the current economic climate, drive new business models and improve strategic decision making. It also announced major updates to Oracle Cloud Human Capital Management to deliver personalised journeys and growth opportunities for employees, while improving data accuracy for HR teams.
Bytedance is seeking a valuation of $60 bn for TikTok after the US president Donal Trump “approved the deal in the concept.” Oracle will buy a 12.5% stake in the new company — TikTok Global, while Walmart has agreed to buy 7.5%. Walmart’s CEO Doug McMillon, along with three other American’s, will be among the five directors on TikTok Global’s board. Oracle and Walmart would pay a combined $12 bn for stakes if they agree to the asking price.
ByteDance said that China will need to approve its proposed deal with Oracle Corp for TikTok app, , indicating that it still has a lot of hurdles to escape TikTok ban. ByteDance came up with a new plan and made Oracle Corp its “trusted tech partner”. This, however, did not satisfy the Trump administration and he said that the app would be banned as early as Sunday in the US. ByteDance is facing strong criticism in China for seeming to give in to US pressure.
US President Donald Trump questioned ByteDance’s plan to hold a majority stake in TikTok and said he didn’t favour the idea of a Chinese firm retain control. Six Republican senators urged him to reject the deal as long as it was tied to ByteDance, as it “failed to meet the intent of the president’s executive orders”. While Trump fears that TikTok could threaten national security, he may not want to alienate 100M American TikTok users ahead of the Nov 3 elections.
TikTok-Oracle business partnership will not ease the ban on the platform in India. Choosing Oracle as the trusted tech partner in place of an outright sale will not be adequate to assure Indian authorities that users’ data is safe and is not going to the servers in China. “The reasons for banning the app are more than just ownership; The ownership is only a partial and a small part of the concern”, said one of the two govt officials.
ByteDance will not sell TikTok’s US ops to either Microsoft or Oracle, nor will the firm give the source code to any US buyer, a new report by Chinese state media CGTN said quoting sources. Microsoft earlier announced that ByteDance had rejected its bid for TikTok’s acquisition; leaving Oracle as the only remaining bidder for TikTok. CGTN’s report confirms that Oracle will be TikTok’s “trusted tech partner” in the US. This doesn’t imply to Oracle buying TikTok.