Oracle shifted $30bn from Bermuda-based subsidiary to Irish firm ahead of TikTok deal
US tech firm transferred money last year as it prepared to take over Chinese-owned social network TikTok
Oracle, the US tech firm, shifted tens of billions of dollars from a Bermuda-based subsidiary into its main Irish holding company in 2020 as it plotted to take over TikTok, the social network.
Last September, Oracle was selected as the bidder for the US operations of TikTok. ByteDance, the Chinese-based owner of TikTok, was pressured into a sale deal after the Trump administration said the company’s US business had to be sold. Last month, the Biden...
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