US President Donald Trump said on Wednesday that he was not ready to approve a deal for a US company partnering with the Chinese-owned video app TikTok, which would allow it to continue operations in the United States.
The president said that a day earlier Silicon Valley tech giants Oracle were “very close” to agreeing to become “trusted technology providers”, demanding a condition by Washington to express apprehension that Tiktok is a national security threat .
Although Trump said on Wednesday that no such deal has been done yet, he will hold a meeting with officials on Thursday.
Ahead of the September 20 deadline for Tickcock’s owner BiteDance, Trump told reporters, “As far as national security is concerned, it has to be 100 percent. No more, I’m ready to sign anything I’m not. I need to see the deal. ” To sell its US operations or face the app’s closure in the country.
He also said that he opposed an arrangement reported by media outlets in which ByteDance would hold a majority stake in the company and Oracle a minority stake.
Trump said, “We don’t do that. Ideologically, I can tell you that I don’t like it.”
Citing unnamed sources, Bloomberg reported earlier in the day that Oracle’s proposal fell short of addressing the Trump administration’s concerns over national security, although the deal remains under discussion.
The Financial Times previously reported that Bytdance was to invest Teaktok’s global business in a US-headquartered company with Oracle as another minority shareholder.
The Tiktok saga has seen a number of diversions, with Microsoft initially seeing it as suicide even before its bid was rejected.
Chinese officials have said that they will not allow ByteDans to sell the algorithm used by TicketLock, which is believed to have great value for the popular social platform.
Tiktok said in a statement that “we have submitted a proposal to the Treasury Department, which we believe will resolve the administration’s security concerns” and allows the app to be used by 100 million people in the US.
Trump has demanded a significant portion of the sale go to the US Treasury, but said on Wednesday that he was advised it was not possible.
“I want a big chunk of that money to go to the United States government because we’ve made it possible. And the lawyers come back to me and they say there’s no way to do that because nobody has Never heard before, “said.
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