Trump discussing TikTok purchase with multiple people, decision in 30 days
Under one deal, ByteDance would retain a stake in TikTok but data collection and software updates would be overseen by Oracle
US President Donald Trump said on Saturday he was in talks with multiple people over buying TikTok and would likely have a decision on the popular app’s future in the next 30 days.
“I have spoken to many people about TikTok and there is great interest in TikTok,” Trump told reporters on Air Force One during a flight to Florida. Earlier in the day, Reuters reported two people with knowledge of the discussions said Trump’s administration is working on a plan to save TikTok that involves tapping software company Oracle and a group of outside investors to effectively take control of the app’s operations.
Under the deal being negotiated by the White House, TikTok’s China-based owner, ByteDance, would retain a stake in the company, but data collection and software updates would be overseen by Oracle, which already provides the foundation of TikTok’s Web infrastructure, one of the sources told Reuters.
However, in his comments to reporters on the flight, Trump said he had not spoken to Oracle’s Larry Ellison about buying the app.
Asked if he was putting together a deal with Oracle and other investors to save TikTok, Trump said: “No, not with Oracle. Numerous people are talking to me, very substantial people, about buying it and I will make that decision probably over the next 30 days. Congress has given 90 days. If we can save TikTok, I think it would be a good thing.”
The sources did say the terms of any potential deal with Oracle were fluid and likely to change. One source said the full scope of the discussions was not yet set and could include the US operations as well as other regions.
National Public Radio on Saturday reported the deal talks for TikTok’s global operations, citing two people with knowledge of the negotiations. Oracle had no immediate comment. The deal being negotiated anticipates participation from some of ByteDance’s current US investors, according to the sources. Jeff Yass’s Susquehanna International Group, General Atlantic, Kohlberg Kravis Roberts (KKR) and Sequoia Capital are among ByteDance’s US backers.
Representatives for TikTok, ByteDance investors General Atlantic, KKR, Sequoia and Susquehanna could not immediately be reached for comment.