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| Trump may decide the fate of the TikTok deal before the end of the week |
CNBC reported on Thursday that the President of the United States (Donald Trump) is expected to determine the fate of TikTok in the US within the next 24 to 36 hours.
The network also quoted sources as saying that Wal-Mart should partner with Oracle and that Oracle will own approximately 20% of the short video application.
Sources told CNBC that the US Treasury Department conducted a critical review of TikTok Oracle transaction security on Wednesday evening. The source said: ByteDance fully agrees with these comments.
According to CNBC sources, Trump met with cabinet members and other advisers to decide whether or not to approve the deal. Since the negotiations were private, they requested anonymity. Someone said: Among his advisers are Secretary of State (Mike Pompeo), Secretary of the Treasury (Steve Mnuchin) and the president's son (Jared Kushner) Kushner.
Trump said Wednesday that he has spoken out against the idea of Beijing-based BiteDance maintaining a controlling stake in the US company. However, CNBC sources said the ownership rate has not yet been negotiated and is unlikely to change.
Walmart CEO Doug McMillon is expected to serve on the newly formed TikTok board in the US.
The deal, which will allow BitDance to keep the majority of TikTok operations in the US, is believed to conflict with Trump's earlier claim that the only remedy for the US ban is to sell to a US company. Earlier this week, Microsoft chose to offer Oracle as a "trusted technology partner" and minority shareholder and rejected Microsoft's offer. Microsoft has filed for all TikTok assets in the United States, Canada, Australia, and New Zealand.
ByteDance said on Thursday that China should agree to sell its TikTok business in the US to Oracle, indicating that its attempts to circumvent the US ban could be more complicated.