The move leaves Oracle as the sole publicly known contender to purchase the American operations of TikTok amid mounting pressures from the Trump administration to ban the app in the U.S. citing security concerns. "We know that any approved deal must satisfy all regulatory and national security concerns". Trump said Thursday that he won't extend the September 20 deadline, meaning that the business will either be sold or shut down.
Oracle and TikTok have yet to release statements on the new deal.
There's one more hurdle for this deal. "Conceptually, I can tell you I don't like that", Trump said.
ByteDance, Oracle and the White House had not yet responded to the news about the partnership. He is still expecting a briefing about it on Thursday.
Oracle has edged out Microsoft in negotiations for ByteDance-owned TikTok in a deal that's under review by the USA government.
It remains unclear whether Trump will approve their proposal for majority-ownership, which would represent a U-turn for the president and his administration.
Oracle was reportedly also negotiating taking a stake in the new company.
Trump said ownership of a US company has to be "100% as far as national security is concerned, saying he is yet to see the deal".
The US government has set a tight deadline for TikTok to remain operational in the US. They are slated to make a recommendation to Trump this week.
To say that Bytedance-owned TikTok has had a rough few months would be an understatement.
TikTok has repeatedly denied those allegations, saying that its data centres are located outside of China, and that none of the data collected is subject to Chinese law. "There is also a commitment to create TikTok Global as a US -headquartered company with 20,000 new jobs".
The US is by far the largest TikTok market in terms of revenue, which it generates by selling advertisements.
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