President Trump: Oracle is very close to the acquisition of TikTok

US President Donald Trump on September 15 (local time) said he had received information that software maker Oracle Corp (USA) was very close to an agreement to buy back the application’s operations. share TikTok videos in the US from the Chinese company ByteDance, even when sources say ByteDance is looking to hold a majority stake in this app.

President Trump said the US government will soon make a decision on whether to approve the deal or not.

Meanwhile, as proposed by ByteDance, the company will hold a majority stake in TikTok’s global business “array”. Before that, on September 14, Finance Minister Mnuchin said ByteDance also proposed to create 20,000 jobs in the US through TikTok.

On the same day, September 14, US Treasury Secretary Steven Mnuchin announced that the government had received an Oracle acquisition proposal for TikTok app operations in the US after ByteDance, which owns TikTok, rejected the proposal from Microsoft.

Mnuchin also said a US government committee – tasked with assessing national security concerns related to foreign transactions – will monitor and review the proposal this week.

After that, the US Treasury Department will consult and join the President Donald Trump appraisal proposal. The ministry’s experts will also work with Oracle on this proposal in the coming days.

For its part, Oracle confirmed the information “was part of a proposal submitted by ByteDance to the US Treasury Department over the weekend,” of which Oracle will be its technology partner in the US.

In a statement to the media on September 14, TikTok said it had accepted the US government’s proposal, with the belief that it would address US information security concerns.

Show TikTok are active in about 150 countries. The app is especially popular with younger smartphone users as it allows users to create short videos from 15 seconds to 60 seconds.

Since its 2016 launch, TikTok has been downloaded more than 2 billion times, becoming the world’s most popular social media platform. In recent years, TikTok has been caught in the “sights” of US officials on the grounds of national security concerns./,

Design by NewsLax