Trump Has Not Approved Acquisition Of TikTok-Oracle

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JAKARTA - ByteDance has not yet made a decision to agree on the bid to acquire TikTok's business with Oracle Corp in the United States (US). Even though the company owned by billionaire Larry Ellison has submitted his proposal to the US government as TikTok's technology partner.

Quoted from Reuters, in the proposal, Oracle wants TikTok Global to have offices in the US. Along with President Donald Trump's statement that he objected if ByteDance still held the majority stake for TikTok's US operations, while Oracle held a minority stake.

However, the agreement reached between TikTok and Oracle is awaiting approval from the relevant authorities in China and the United States. This cooperation is to respond to the concerns of the US government and people regarding the security of user data.

ByteDance stated that the plans under discussion would not touch sales or technology businesses, even though the final agreement has not been signed.

Waiting for Trump to Sign

On a different occasion US President Donald Trump said he was not ready to endorse TikTok's parent agreement proposal, ByteDance, with Oracle. The proposal will make Oracle a technology partner for TikTok in the US.

In a briefing with the media at the White House, Trump said this agreement must 100 percent resolve concerns over national security. He also wants to see the agreement first before signing it.

The US government has until September 20 to authorize the restructuring of TikTok and turn it into a separate company. Under these new terms, the new TikTok will have a US headquarters with independent directors approved by the US government.

But ByteDance refuses to sell TikTok businesses in the US completely, not to mention the new rules from China that tighten sales of technology abroad. As a result, Oracle is only partnered with being a trusted technology partner and will not own the TikTok algorithm, and ByteDance will remain the majority shareholder.