TikTok's parent company ByteDance agrees to a deal that would give the software giant Oracle oversight of its US operations; deal will still need the approval of President Trump and Chinese authorities, according to 2 people familiar with the arrangement.
Oracle did not respond to a request for comment. A TikTok spokesperson said the company would not comment on rumors or speculation.
ByteDance largely agreed to those revisions, one person familiar with the situation said. The deal would also give Oracle a minority stake in the company. It’s not clear whether such an arrangement will appease U.S. security concerns, but it falls well short of Trump's original demand for an outright sale of TikTok's U.S. assets to an U.S. company.
Oracle would be entitled to review the source code to ensure there is no backdoor for the Chinese government or nonapproved employees to access user data, and could monitor data flows.and others have expressed concern about such a deal.
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