Tech Voices: Bessent on TikTok, Netskope IPO, Boost Run SPAC deal

U.S. Treasury Secretary Scott Bessent indicated that President Trump's willingness to let TikTok cease operations helped facilitate a deal for its ownership, emphasizing national security over corporate interests.

A preliminary agreement has been reached requiring TikTok's parent company ByteDance to engage new investors, allowing Oracle to maintain its cloud partnership with TikTok, with a deadline set for ByteDance to divest U.S. operations by September 17.

AI cybersecurity firm Netskope is increasing its IPO plan to offer 47.8 million shares at $17 to $19, potentially raising $860.4 million, while previously it had aimed for a lower price range.

AI infrastructure firm Boost Run is going public through a merger with Willow Lane Acquisition Corp, valuing the new company at $614 million and providing $112 million in cash, with plans to enhance its market presence in key sectors.

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During a recent interview with CNBC, U.S. Treasury Secretary Scott Bessent acknowledged that President Trump's readiness to let TikTok cease operations played a pivotal role in encouraging Chinese negotiators to finalize an agreement regarding the platform's ownership. Bessent noted, “President Trump made it clear that he would have been willing to let TikTok go dark, emphasizing that national security would not be compromised for any deal.”

Earlier on the same day, CNBC revealed that a preliminary agreement had been reached, mandating that TikTok's parent company, ByteDance (BDNCE), engage new investors. This arrangement also enables Oracle (ORCL) to retain its cloud partnership with TikTok, with expectations for the deal to be finalized in the next 45 days.

ByteDance faced a deadline of September 17 to divest its U.S. operations or face the shutdown of its platform.

In the IPO market, AI-driven cybersecurity company Netskope (NTSK) has increased its proposed initial public offering, anticipated to take place later this week. According to its latest filing with the Securities and Exchange Commission (SEC), Netskope plans to issue 47.8 million shares at a price range of $17 to $19, potentially raising around $860.4 million if the shares are priced at the midpoint.

Previously, Netskope had announced a plan to offer the same number of shares for slightly lower pricing, between $15 and $17, which would have generated approximately $764.8 million at the midpoint.

Netskope aims to have its shares listed on Nasdaq under the ticker symbol NTSK.

In other news, AI cloud infrastructure firm Boost Run has reached an agreement to go public through a merger with the special purpose acquisition company (SPAC) Willow Lane Acquisition Corp. (NASDAQ: WLAC).

This merger values the newly formed company at $614 million and is expected to provide $112 million in cash, contingent upon no redemptions by Willow Lane shareholders.

CEO and Co-Founder Andrew Karos emphasized the strategic advantage of entering the public market, stating, "We believe that having access to both capital and competitive financing will accelerate our strategy, allowing us to broaden our influence in key sectors such as government and regulated industries, and to scale our software and automation solutions effectively." He added, "With over $145 billion raised in private capital for AI-specific applications since 2024, and the introduction of new GPUs enabling a wider range of use cases, we feel that our moment has arrived."

The newly merged entity will operate under the name Boost Run, with shares anticipated to be traded on Nasdaq as BRUN.