WASHINGTON/NEW YORK: President Donald Trump said on Tuesday he had heard that Oracle Corp 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. The ByteDance proposal calls for the Committee on Foreign Investment in the United States , the US government panel that is overseeing the deal talks, to supervise how TikTok will be operated, one of the sources said.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.
While TikTok is best known for dancing videos that go viral among teenagers, US officials have had concerns since last year about whether the personal information of its 100 million US users could be compromised under its Chinese owner.
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