Economy

Trump says Oracle 'very close' to TikTok deal

Trump says Oracle 'very close' to TikTok deal”

The White House, claiming that TikTok's owner poses a security threat because Chinese tech companies can't be trusted not to spy on Americans, issued an executive order threatening to "ban" the app by September 30 unless ByteDance gives up the goods to a USA firm.

"There's also a commitment to create TikTok Global as a US -headquartered company with 20,000 new jobs", Treasury Secretary Steven Mnuchin said on Monday in an interview with CNBC, adding that Oracle will be the trusted technology partner.

The US government is now evaluating a proposal from ByteDance and Oracle created to resolve the Trump administration's national security concerns about TikTok.

'They are willing to make a big payment to the government and we are not allowed to take their money?

Trump said he was stunned to learn that the Treasury could not receive any payment in exchange for the U.S. signing off on the deal.

Trump also said last month that proceeds from the deal should go to the USA government for making the deal possible.

Some CFIUS experts said the deal's approval would signal a major departure from the traditional national security reviews of deals driven by US civil servants. "They're giving me studies on the deal". That hasn't been told to me yet. He also praised Oracle CEO Larry Ellison, saying holds "high respect" for him and adding, "He's somebody I know, he's been really a terrific guy for a long time". It could be accurate reporting for a change.

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While details of the agreement between Oracle and China's ByteDance Ltd. remain under wraps, Kushner expressed optimism that it would clear the administration's key hurdles. "Assuming that ByteDance is China which I think it probably is", Trump said. In order to allay USA concerns about "national security", TikTok's US data will be stored in the US, and Oracle will serve as the data service provider, the sources said. Treasury Secretary Steven Mnuchin said on Monday that ByteDance has also offered to create 20,000 U.S.jobs with TikTok.

A report this week from the Financial Times suggested that the proposal could see ByteDance retaining a majority stake in the embattled social media app.

It is unclear whether Trump will approve ByteDance's proposal, the sources said, requesting anonymity because the deliberations are confidential. Thom Tillis (R-NC), Roger Wicker (R-MS), Dan Sullivan (R-AK), John Cornyn (R-TX), and fellow Florida Republican Rick Scott.

However, Trump may not want to alienate 100 million-odd American TikTok users weeks before a hotly-contested presidential election.

Trump has also said he is a fan of Oracle's co-founder and Chairman Larry Ellison, one of few tech executives to openly support him. Trump told reporters at the White House that before approving the deal, he would like to ensure that there is no compromise on national security and that the US Treasury gets a large chunk of the business transactions. ByteDance's proposal, however, does not envision paying any such fee.

China also got involved in the process last month, updating its export control rules to give it a say over the transfer of technology, such as TikTok's recommendation algorithm, to a foreign buyer.



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