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Senator Rubio Urges Trump to Scrap TikTok-Oracle Deal if ByteDance Ties Remain

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Marco Rubio and five other Republican senators called on the Trump administration to reject a proposed deal for Oracle Corp ORCL.N to become a “trusted technology provider” for popular social media platform TikTok’s U.S. operations, if ties to Chinese owner ByteDance remain.

Rubio, the first senator to call on the administration to investigate TikTok over censorship concerns, said in the letter to President Donald Trump that “serious questions” remained about Oracle’s role, the technology it would provide to ByteDance, and the future of the application’s algorithm.

“We remain opposed to any deal that would allow China-based or controlled entities to retain, control or modify the code or algorithms that operate any U.S.-based version of TikTok,” Rubio wrote in the letter, dated Wednesday.

“We are heartened that this deal still requires government approval, and if reports indicating this proposed deal will retain links to ByteDance or other Chinese-controlled entities, we strongly urge the administration to reject such a proposal on national security grounds,” he added.

Late on Wednesday, Senator Ted Cruz raised concerns about a deal, saying in a separate letter the Oracle ByteDance deal “failed to meet the intent of the president’s executive orders” and “raises serious national security concerns.”

The Trump administration will make a decision soon on Oracle becoming a trusted technology provider, White House press secretary Kayleigh McEnany said on Wednesday.

The Rubio letter, also signed by Senators Thom Tillis, Rick Scott, John Cornyn, Roger Wicker and Dan Sullivan, is part of a growing chorus of lawmakers raising questions about the deal.

On Monday, Republican Senator Josh Hawley sent a letter to Treasury Secretary Steve Mnuchin, who heads a national security panel reviewing the proposal, calling for the deal to be scuttled, if it does not allow for the “full emancipation of TikTok software from potential Chinese Communist Part control.”

It is unclear what Trump will do. White House adviser Jared Kushner on Tuesday said the White House is reviewing Oracle’s bid and a senior administration official said a decision had not yet been made.

Trump had previously made clear he sought a full-scale sale of the app to an American technology company, amid concerns among national security officials that ByteDance could provide American user data to the Chinese government. But Trump may not want to alienate 100 million-odd American TikTok users weeks before a hotly contested presidential election.

Trump has also said he is a fan of Oracle’s co-founder and Chairman Larry Ellison, one of few tech executives to openly support the Republican president.

Meanwhile, China has updated its export control rules to give it a say over the transfer of technology, such as TikTok’s recommendation algorithm, to a foreign buyer. Chinese officials have said ByteDance should not be coerced by the United States into a deal.

Oracle announced on Monday it was part of a proposal submitted by ByteDance to the U.S. Treasury Department to serve as “trusted technology provider,” to ByteDance, providing no further details on the terms of the deal.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

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Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

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Startups

Google Leads $250 Million Funding Round for Glance

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A logo is pictured at Google's European Engineering Center in Zurich

Google is leading a $250 million funding round for Glance, a mobile content provider.

This infusion of capital aims to expand Glance’s reach and solidify its market position amidst growing competition.

Glance, a subsidiary of InMobi Group, offers a unique service that delivers news, entertainment, and other content directly to users’ mobile screens without unlocking their devices.

With a user base exceeding 300 million across India, the US, Japan, and Indonesia, the startup has gained significant traction since its inception in 2019.

The funding round, expected to close in the coming weeks, marks a continued partnership between Google and Glance.

Google initially invested in the company in 2020, and this latest round will further enhance Glance’s capabilities to innovate and reach new audiences.

This investment reflects Google’s strategic interest in India, the world’s most populous nation, where it competes with tech giants like Microsoft, Meta, and Amazon.

With India’s rapidly growing middle class and increasing smartphone adoption, the market presents vast opportunities for digital expansion.

The support from Google comes on the heels of a previous $200 million investment by Mukesh Ambani, Asia’s wealthiest individual, which valued Glance at over $1 billion.

The startup’s largest stakeholder, InMobi, continues to thrive as a pioneer in mobile advertising, with Glance benefiting from its expertise and resources.

As Glance prepares for this new phase of growth, it stands poised to redefine how content is consumed on mobile devices worldwide.

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Cyber Threats Surge as Nigeria’s Digital Economy Expands

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As Nigeria’s digital economy flourishes, it faces escalating cyber threats, prompting the Federal Government to issue 33 cyberattack advisories in the past year.

These warnings, issued by the Nigeria Computer and Emergency Response Team (ngCERT), highlight the growing vulnerability of the nation’s digital infrastructure.

Since July 2023, ngCERT has alerted Nigerians to new attack methods and vulnerabilities. With 22 advisories issued in 2024 alone, the surge in cyberattacks coincides with the accelerated digitization spurred by the COVID-19 pandemic.

Monthly internet usage in Nigeria soared from 125,149.86 terabytes in December 2019 to 753,388.77 terabytes in March 2024.

The National Information Technology Development Agency (NITDA) notes that increased digitalization has heightened cybersecurity risks, necessitating robust protective measures.

According to Check Point Research, Nigerian businesses face approximately 2,308 attacks weekly across all sectors.

The advisories reveal various cyber threats, including ransomware and banking trojans. A recent warning highlighted Grandoreiro, a malware targeting over 1,500 banks globally, affecting 41 banking applications in Nigeria alone.

These attacks aim to steal sensitive financial data, potentially causing significant financial losses.

Nigeria’s critical infrastructure is also under threat. In August, pro-Nigerien hackers attempted to disrupt MTN Nigeria’s network, although they were unsuccessful.

During the 2023 elections, the government recorded 12.99 million cyberattacks, underscoring the scale of the threat.

Cybercrime costs Nigeria about $500 million annually. This includes data damage, stolen money, lost productivity, and post-attack disruptions.

The Federal Bureau of Investigation ranked Nigeria as the 16th country worst affected by cybercrime in 2020.

Experts emphasize the need for stronger cybersecurity measures. Adesina Sodiya, a professor of Computer Science and Information Security, warns that cyberattacks will continue to grow in sophistication.

He stresses the importance of building a cybersecurity curriculum and involving experts in creating effective strategies.

In response, NITDA plans to reduce cyberattacks by 40% by 2027. “As we digitize, we must build with security in mind,” said Kashifu Inuwa, director-general of NITDA.

The agency aims to implement comprehensive strategies to protect Nigeria’s burgeoning digital economy.

As Nigeria’s digital economy expands, it must address the growing cyber threats that accompany this progress. By enhancing cybersecurity measures and fostering collaboration among stakeholders, Nigeria can safeguard its digital future.

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