President (Donald Trump) is expected to decide his fate, CNBC reported Thursday a company Tik Tok in the United States within the next 24 to 36 hours.
Quotes The network also reported that Walmart is expected to partner with Oracle in a deal in which the latter owns nearly 20 percent of the short video app.
The Treasury Department sent key reviews on security issues of the TikTok-Oracle deal on Wednesday night, the sources told CNBC. The sources said: ByteDance fully agreed to the reviews.
Trump met with cabinet members and other advisers to decide whether or not he would approve the deal, according to CNBC sources, who asked not to be named because the talks are private. One of them said: There are differing views among his advisers, including Secretary of State (Mike Pompeo), Secretary of the Treasury (Steve Mnuchin), and the president’s son-in-law (Jared Kushner).
On Wednesday, Trump said he had objected to the idea that Beijing-based BiteDance would retain a majority stake in the US company’s operations. However, CNBC sources say: The ownership stake percentages have not been negotiated and are unlikely to change.
Walmart CEO Doug MacMillon is expected to take a seat on the newly formed board of directors for TikTok operations in the United States.
It is believed that the deal that keeps BitDance as the majority in US TikTok operations will contradict Trump’s earlier statements that the only remedy for the US ban is to sell to a US-based company. The company chose Oracle’s offer to be a “trusted technology partner” and minority stakeholder earlier this week, and rejected Microsoft’s offer, which has requested the acquisition of all of TikTok’s assets in the United States, as well as Canada, Australia and New Zealand.
The company said (ByteDance) Today, Thursday: China will have to agree to a deal to sell TikTok business in the United States to Oracle, indicating that its attempt to ward off a ban in the United States could be more complicated.