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Trump Expressed Dissatisfaction With The Terms Of The TikTok And Oracle Deal

Trump Expressed Dissatisfaction With The Terms Of The TikTok And Oracle Deal

Donald Trump said during a briefing that he was dissatisfied with the terms of the deal between ByteDance and Oracle, according to which ByteDance will retain a controlling stake in TikTok.

"Well, we’re going to find out about that. We’re looking into that from the standpoint of ByteDance. We don’t like that. I mean, just conceptually, I can tell you I don’t like that. That has not been told to me yet. That has been reported, but it hasn’t been told to me. It could be very accurate reporting for a change. So if that’s the case, I’m not going to be happy with that — assuming that ByteDance is China, which I think it probably is," Trump said.

The US President noted that the deal should swing 100% of TikTok's shares. He also said that he has not yet seen the contract and is not ready to sign anything until he sees it. Trump expressed surprise that, by law, the company cannot send the US government most of the money for approving the deal because there has not been such a precedent before.

ByteDance invited Oracle to become a technology partner and take over the data management of TikTok users from the United States. Besides, Oracle is also discussing acquiring a stake in the service's US assets.

On August 3, US President Donald Trump threatened to ban TikTok from operating in the country if it is not sold to the US company by September 15. Later, he signed two Executive orders prohibiting US citizens from entering into transactions and making transactions with Chinese companies ByteDance and Tencent, as well as their subsidiaries. In the US, it is believed that the app can transmit information about users to Chinese intelligence services.

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