The Trump administration is expected to approve a partnership agreement between software company Oracle and TikTok’s parent company, byte-hop, on Tuesday afternoon, AFP reported, citing CNBC. Trump said Tuesday that Oracle and Byte jumped “close” to signing a cooperation agreement.
When contacted by AFP, both Oracle and BytePlus did not receive confirmation of the deal. However, both companies confirmed the agreement, but did not disclose the details of the deal. U.S. Treasury Secretary Mnuchin said earlier that the U.S. government had received a proposal late last week from business software developer Oracle to turn TikTok into a U.S.-based company. The White House will review the proposal this week.
According to industry sources, although the agreement falls short of President Trump’s request for a full acquisition of TikTok’s U.S. business, Oracle’s leadership has maintained close ties with the Trump administration.
A statement issued by Oracle on Monday noted that Byte Jump chose Oracle as the trusted technology provider that would allow TikTok to continue to operate in the United States. However, the agreement between Oracle and Byte Jump is not a “sale or acquisition.
The TikTok statement said the agreement with Oracle should address the U.S. government’s security concerns, stressing that TikTok is important to its 100 million users in the U.S. and that the partnership agreement, if approved, is expected to create 25,000 new jobs in the country.
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