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It also matters for the seller, to some extent, because the employees will now work at Oracle. If you're the CEO of TikTok, and now you're "Chief Social Media Officer" or whatever title the buyer will think up, would you rather hold that job at Oracle, Microsoft or somewhere else?

Sure, if you're the shareholder, you may not care what happens to your former employees, but the buyer should care that the value of the asset they just paid for is inclusive of human capital, and that value depends on the opinion of the people working on the seller's side



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