President Trump said he heard Oracle was ‘very close’ to a deal over ByteDance's TikTok, even as sources say the Chinese company is seeking to keep 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.
Signing off on a deal for TikTok that would allow ByteDance to retain majority ownership would represent a U-turn for Trump and the U.S. government agencies and departments that comprise CFIUS. Some CFIUS experts said the deal’s approval would signal a major departure from the traditional national security reviews of deals driven by U.S. civil servants.
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