Breaking news: Oracle ‘Very Close’ To Deal On TikTok – Trump

 

This combination of pictures created on August 01, 2020 shows the logo of the social media video sharing app Tiktok displayed on a tablet screen in Paris, and US President Donald Trump at the White House in Washington, DC, on July 30, 2020. JIM WATSON, Lionel BONAVENTURE / AFP

 

Silicon Valley tech giant Oracle is “very close” to sealing a deal to become the US partner to Chinese-owned video app TikTok to avert a ban in the United States, President Donald Trump said Tuesday.

Trump’s comments came a day after US officials confirmed that Oracle was set to make a deal with TikTok parent ByteDance ahead of a deadline set by the US president, who has called the app a national security threat.

“I heard they’re very close to a deal,” Trump told reporters, adding that “we’re going to make a decision pretty soon” on whether to approve the tie-up, which would make Oracle a “trusted technology provider” for TikTok.

Details of the deal remained unclear. But the Financial Times reported that ByteDance was to place TikTok’s global business in a new US-headquartered company with Oracle investing as a minority shareholder along with other US investors.

CNBC reported the Trump administration could approve the deal as soon as Tuesday afternoon.