ByteDance revealed to CGTN last week that the TikTok deal needs approval from both China and US authorities. This is the Act the administration used to justify its ban on TikTok.
"I approved the deal in concept", Trump told reporters Saturday as he left the White House for a campaign rally in Fayetteville, North Carolina. "We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok's American users, and users throughout the world", Oracle CEO Safra Catz said in a statement. This is because Douyin, the Chinese equivalent of Tiktok, also owned by ByteDance probably uses the same source code as TikTok, and therefore, the article claims the USA can easily get its eyes on the operations of the Chinese app.
The US is TikTok's second-largest market outside of China following a ban in India, according to analytics platform Sensor Tower, averaging about 7.6 million installs per month from the App Store and Google Play in 2020.
Under the plan, Oracle would acquire a minority stake in a newly formed TikTok that would be headquartered in the US with an independent board approved by the USA government.
Trump told Fox News on Monday that the partnership could create 25,000 jobs in Texas.
On Monday, Chinese tech conglomerate holding ByteDance and American software industry titan Oracle Corp. had been at daggers drawn over a planned TikTok deal as the aforementioned companies, which were expected to follow through an accord with the White House to divest the ByteDance-owned TikTok's USA operation, had issued largely dialectical statements over the terms of the deal that would allow TikTok to continue to operate in the United States, raising doubts over President Trump's preliminary backing of the deal.
That body would be chaired by an American data-security expert who would be the primary contact with the Committee on Foreign Investment in the US, which would oversee any issues of concern to the USA government.