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Trump says Oracle close to TikTok deal as ByteDance aims for majority ownership

2020-09-16 09:03:23       source:Reuters

September 16, 2020

WASHINGTON/NEW YORK (Reuters) - President Donald Trump said on Tuesday he had heard Oracle Corp ORCL.N was very close to a deal over ByteDance's TikTok, even as sources said the Chinese company was seeking to keep majority ownership of the popular short video app.

Trump has ordered ByteDance to divest TikTok amid U.S. concerns user data could be passed to China’s Communist Party government. He has threatened to ban TikTok in the United States as early as Sunday if ByteDance does not comply.

Under ByteDance’s proposal, however, the Beijing-based company would keep a majority stake in TikTok’s global business and create headquarters for TikTok in the United States, the sources said. Treasury Secretary Steven Mnuchin said on Monday that ByteDance has also offered to create 20,000 U.S. jobs with TikTok.

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