The US ban on Chinese social media company TikTok is expected to impact Oracle’s revenue and profits. Oracle stated in a filing with the US Securities and Exchange Commission that the ban will make it illegal to provide Internet hosting services to TikTok within the US, potentially leading to a negative impact on their financials if compliance measures are not taken. The law may result in a ban on TikTok unless its Chinese owner, ByteDance, sells the platform within a specified time frame. This is due to concerns over data privacy and security practices, with suspicions of user data being shared with the Chinese government. Oracle also mentioned monitoring US relations with Russia, Belarus, and China, stating that international relations could have an unpredictable effect on the company. Changes in sanctions or export control regulations in the US and other jurisdictions where Oracle operates may require the suspension or termination of business activities with certain countries or clients. Oracle highlighted the potential increase in expenses due to compliance efforts and the need for specialized resources to ensure compliance with the law. The firm emphasized the uncertainty surrounding the situation and the possible impact on its operations.
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https://www.aa.com.tr/en/americas/oracle-says-us-ban-on-tiktok-would-harm-income-revenue/3257986
