Trump says Oracle is close to the TickTalk deal because Bytdance targets majority ownership

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Washington / New York: President Donald Trump said on Tuesday that he had heard that Oracle Corp was very close to an agreement with Ticketok of ByteDance, even according to sources that the Chinese company would own the majority of the popular video video app. Was demanding
Trump has ordered ByteDance to divide Tiktok amid US concerns that user data may be passed to China’s Communist Party government. He has threatened to ban Tektok in the United States until Sunday if ByteDance does not comply.
However, under the proposal of ByteDance, the Beijing-based company will retain a majority stake in Tiktok’s global business and headquarters for Tiktok in the United States, sources said. Treasury Secretary Steven Mnuchin said on Monday that BiteDance has offered to create 20,000 American jobs with TickTock.
Sources said that Oracle will become ByteDance’s technology partner for managing TechTalk’s data and will take a minority stake in Tickcock.
“I heard they are very close to a deal,” Trump said, adding that he was an admirer of Oracle President Larry Ellison. He said he would look into the proposed agreement.
The ByteDance proposal calls for the Committee on Foreign Investment in the United States (CFIUS), the US government panel overseeing the negotiations to see how TickTalk will be conducted, one of the sources said .
Mnuchin, who chairs the CFIUS, and Commerce Secretary Wilbur Ross were meeting at the White House on Tuesday to consider the Bytdans proposal, two sources said.
It is unclear whether Trump will approve the ByteDance proposal, sources said, requesting anonymity because the deliberations are confidential. The White House, ByteDance and Oracle did not immediately respond to requests for comment.
While Tiktok is known for dancing videos that go viral among teens, US officials have expressed concern over the past year about whether the personal information of its 100 million US users could be compromised under its Chinese boss is.
ByteDance’s plan calls for a ban under Tiktok’s control, sources said. According to sources, it calls for CFIUS to agree to a similar operating arrangement to allow SoftBank Group Corp to acquire the US wireless carrier Sprint in 2013. Sources said these could include the US government approving its relationships with US directors in Tektok as well as key vendors.
Bytdance is also hoping that Allison’s fundraising for Trump, as well as the support of Oracle’s CEO Sefra Katz from Trump’s transition team four years ago, will boost its likelihood, Reuters has reported.

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