---

原文標題：
Oracle, Silver Lake consortium to control 80% stake in TikTok in US, WSJ
reports
原文連結：https://tinyurl.com/4mnkwyjr
發布時間：September 17, 2025 4:00 AM GMT+8
記者署名：Reporting by Juby Babu in Mexico City; Editing by Shinjini Ganguli
原文內容：

Sept 16 (Reuters) - TikTok's U.S. operations would be controlled by an
investor consortium including Oracle (ORCL.N), Silver Lake and Andreessen
Horowitz, under a framework the U.S. and China are finalizing, the Wall Street
 Journal reported on Tuesday, citing people familiar with the matter.

A new company will be created to operate TikTok, with U.S. investors holding a
 roughly 80% stake and Chinese shareholders owning the rest, the report said.
The company would also have an American-dominated board, with one member
designated by the U.S. government.


Current users of the app will be asked to shift to a new app, which TikTok has
 built and is testing, the Post reported.
《華盛頓郵報》報導，現有用戶將被要求轉移到一個新的應用程式，該程式已由 TikTok
開發並正在測試。

Reuters had reported in July that TikTok was preparing to launch a standalone
app for U.S. users, which was expected to operate on a separate algorithm and
data system from its global app.
路透社早在 7 月就報導，TikTok 正準備推出一款專門面向美國用戶的獨立應用，該應用
預計將採用與全球版不同的演算法和數據系統。

Oracle would handle user data at its facilities in Texas, WSJ said, adding
that while the U.S. and China are still working on the details of the
potential deal, the terms may change.
《華爾街日報》指出，甲骨文將在其位於德州的數據中心處理用戶資料；同時補充說，美
中雙方仍在敲定這項潛在協議的細節，條款仍可能發生變化。

TikTok, Oracle, Silver Lake and Andreessen Horowitz — also known as a16z —
did not immediately respond to Reuters requests for comments.
TikTok、甲骨文、銀湖資本及安德森· 霍洛維茲（a16z）未立即回應路透社的置評請求。

U.S. President Donald Trump on Tuesday signed an executive order delaying the
enforcement of a 2024 law requiring the divestiture of Chinese ownership of
TikTok until December 16.
美國總統川普週二簽署行政命令，將原本要求 TikTok 剝離中國持股的 2024 年法律執行
期限延後至 12 月 16 日。

Earlier in the day, he also announced an agreement between the U.S. and China
to keep TikTok operating in the United States.
同一天稍早，他還宣布美中已達成協議，使 TikTok 能繼續在美國運營。

心得/評論：

美國的戰略目標
控制權：美國投資者持有 80%，並由美國政府指定一名董事，確保關鍵決策權不落入中國
之手。
數據安全：數據交由甲骨文在德州處理，緩解華府「國家安全疑慮」。
分割演算法：美國版本將採獨立演算法，避免中國母公司透過全球數據影響美國輿論。


中國的戰略考量
保留部分股權：中國股東仍擁有約 20%，確保字節跳動不完全失去控制，也維持象徵性話
語權。
演算法出口管制：北京此前已明確禁止核心演算法外流，這意味著美版 TikTok 需另行開
發或修改系統，中方保護「技術主權」。
談判籌碼：TikTok 被納入美中貿易談判，讓北京有空間用作交換條件。


用戶與市場影響
分裂風險：現有用戶需轉移到新 app，可能導致用戶流失或體驗下降。



政治算盤
川普既展現「強硬對中」的姿態，又能聲稱「拯救 TikTok 免於下架」，兩面兼顧。
國會部分議員可能仍不滿，因他們希望徹底「去中國化」。
對中國來說，這種「部分讓步」比徹底失去 TikTok 要好，也能減緩國際壓力。

----
※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 150.117.197.145 (臺灣)
※ 作者: TyuzuChou 2025-09-17 08:00:04
※ 文章代碼(AID): #1eoVe7-g (Stock)
※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1758067207.A.FAA.html