US President Trump says he's not ready to approve ByteDance's deal with Oracle due to concerns about majority stake in US operations
US President Trump has ordered ByteDance to divest TikTok amid US concerns user data could be passed to China's Communist Party government.
However, President Trump on Wednesday raised questions about ByteDance's plans to keep a majority stake in TikTok's US operations.President Trump said he did not favour the idea of the Chinese firm retaining control, after six Republican lawmakers urged him to reject the proposal. TikTok said in their Thursday statement that they "submitted a proposal to the Treasury Department which we believe would resolve the administration's security concerns".
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US President Trump: Oracle 'very close' to TikTok dealIf the transaction happens, Oracle would become ByteDance's technology partner responsible for the management of TikTok's data and take a minority stake in TikTok, according to sources.
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Trump says Oracle close to TikTok deal as ByteDance aims for majority ownershipPresident Donald Trump said on Tuesday he had heard Oracle Corp was very close to a deal over ByteDance's TikTok, even as sources said the Chinese company was seeking to keep majority ownership of the popular short video app.
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Trump says Oracle close to TikTok deal as ByteDance aims for majority ownershipPresident Donald Trump said on Tuesday he had heard Oracle Corp was very close to a deal over ByteDance's TikTok, even as sources said the Chinese company was seeking to keep majority ownership of the popular short video app.
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Trump admits TikTok can't legally pay US government as part of sale - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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Trump Administration Pushes for U.S. Control of TikTokTrump administration officials are looking to give American investors a majority share of the company that will take over the Chinese-owned video sharing app TikTok, according to people familiar with the matter.
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ByteDance says TikTok proposal will need both Chinese and U.S. approvalByteDance's proposal for U.S. software firm Oracle Corp to become a technology partner in its TikTok app will ultimately need approval from both Chinese and U.S. officials, the company said on Thursday.
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