BEIJING (Reuters) — ByteDance’s proposal for U.S. software firm Oracle to become a technology partner in its TikTok app still needs approval from Chinese and U.S. officials, the company said on Thursday.
The proposal would make Oracle a “trusted” technology partner, while a source familiar with the situation said ByteDance is to hold majority ownership of TikTok, Reuters reported.
President Donald Trump’s administration, which has raised concerns that TikTok could hand American user data to the Chinese government, has ordered a ban on it by Sept. 20 unless it is sold to an American firm.