President Trump says Oracle is 'very close' to a TikTok deal, even as sources suggest ByteDance is aiming for a majority ownership of the popular video app $ORCL
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.
Oracle would become ByteDance’s technology partner responsible for the management of TikTok’s data and take a minority stake in TikTok, the sources added. Mnuchin, who chairs CFIUS, and Commerce Secretary Wilbur Ross were meeting at the White House on Tuesday to consider ByteDance’s proposal, two of the sources said.It is unclear whether Trump will approve ByteDance’s proposal, the sources said, requesting anonymity because the deliberations are confidential. The White House, ByteDance and Oracle did not immediately respond to requests for comment.
In its lawsuit against Trump’s previous executive order, dated Aug. 6, which calls on TikTok to be banned, the app said CFIUS had not identified any mitigation measures that would address the national security risks, despite TikTok proposing to bring in “trusted U.S. technology partners,” as it has now branded Oracle.
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