Donald Trump says Oracle ‘very close’ to TikTok deal as ByteDance aims for majority ownership
- Proposal by Chinese owner would give Oracle a minority stake and responsibility for management of TikTok’s data
- US Treasury Secretary Steven Mnuchin says ByteDance has offered to create 20,000 US jobs with popular video-sharing app
US President Donald Trump said on Tuesday he had heard that Oracle 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.
Trump has ordered ByteDance to divest TikTok amid US concerns that user data could be passed to China’s Communist Party government. He has threatened to ban TikTok in the United States as early as Sunday if ByteDance does not comply.
Under ByteDance’s proposal, however, the Beijing-based company would keep a majority stake in TikTok’s global business and create headquarters for TikTok in the United States, the sources said. Treasury Secretary Steven Mnuchin said on Monday that ByteDance has also offered to create 20,000 US jobs with TikTok.
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.
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“I heard they are very close to a deal,” Trump said, adding that his administration would be making a decision soon on whether to approve it, and that he was a fan of Oracle’s Chairman Larry Ellison.