|Small toy figures are seen in front of a Tik Tok logo in this illustration taken on Sep 9, 2020. (Photo: REUTERS/Dado Ruvic)|
[Asia News Communication = Reporter Reakkana] President Donald Trump said on Tuesday (Sep 15) 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.
Trump ordered ByteDance to ban TikTok amid US concerns that user data could be passed to China's Communist Party government. He threatened to block TikTok in the US early Sunday if ByteDance doesn’t 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.The ByteDance proposal calls for the Committee on Foreign Investment in the United States (CFIUS), the US government panel that is overseeing the deal talks, to supervise how TikTok will be operated, one of the sources said.ByteDance is also hoping that Ellison’s fundraising for Trump, as well as Oracle Chief Executive Safra Catz’s backing of Trump’s transition team four years ago, will boost its chances, Reuters has reported. (Reuters)