Trump’s approval of the restructuring plan remains a company BiteDance, which is based in China and is under control, financially and practically, in the United States is among the most important questions about the fate of Tik Tok.
If you look at the words of (Donald Trump) literally, the US president has ruled out this option, saying in a press conference on August 3: I have set a date for around September 15th, and then TikTok will be out of business in the United States.
“But if someone – whether Microsoft or someone else – buys the app, that will be fine, and it will close on September 15 unless Microsoft or anyone else can buy it and come to a suitable deal, so that the United States Treasury Department gets a lot of money”.
However, the proposal that ByteDance and Oracle sent to the US government would keep TikTok under operational control of ByteDance, and Oracle’s role would be a trusted technology partner that stores and secures data inside American buildings.
ByteDance is in discussions with both Oracle and Walmart to obtain stakes in the US operations, and this represents a departure from the deal, which nearly completed several weeks ago, worth between 20 and 30 billion dollars.
The deal collapsed after China backed down, saying ByteDance needed to agree to a deal that included exporting the AI technology used by TikTok.
ByteDance made a proposal to avoid selling US assets or every TikTok – which Trump said was necessary to avoid the ban – due to talks with the Committee on Foreign Investment in the United States.CFIUSAnd treasury officials.
ByteDance counts that its proposal with Oracle addresses the concerns of the United States Foreign Investment Commission (CFIUS) based on the nature of the US government’s concerns about data sharing.
It remains unclear whether the Trump administration will accept the offer of the ByteDance deal, and Treasury Secretary Steven Mnuchin said the US government plans to review the deal this week.
In the event that the deal gets Trump’s approval, and Trump gives up his previous position and allows the app to continue operating in the United States without selling it entirely, then former TikTok chief executive Kevin Mayer will be a victim of Trump’s exaggeration.
Oracle has emerged as a preferred partner of ByteDance due to the company’s close ties to the Trump administration and its willingness to accept the deal.