Washington, September 16: President Donald Trump on Tuesday confirmed that he had heard that Oracle was very close to a deal with ByteDance's TikTok. According to a Reuters report, the Chinese company was seeking to keep majority ownership of the short video app.
Trump said that the Silicon Valley tech giant Oracle is "very close" to sealing a deal to become the US partner to TikTok to avert a ban in the United States. Trump ordered ByteDance to divest TikTok amid US concerns that user data could be passed to China's Communist Party government. President Trump had threatened to banTikTok in the United States if ByteDance does not comply. TikTok Rejects Microsoft's Offer to Acquire US Operations, Oracle Reportedly Wins Bid to Become TikTok's 'Trusted Tech Partner'.
According to sources quoted in the report, ByteDance has proposed that the Beijing-based company would keep a majority stake in TikTok's global business and create headquarters for TikTok in the United States. Treasury Secretary Steven Mnuchin said on Monday that ByteDance has also offered to create 20,000 U.S. jobs with TikTok.