A proposal to avoid the banning of the popular social media app TikTok was submitted to the U.S. Treasury Department over the weekend.
The plan submitted by ByteDance, which owns TikTok, calls for the company to enlist Oracle as a “trusted technology provider” in order to address national security concerns raised about the video-sharing software by the Trump administration.
In August, President Trump issued an executive order barring U.S. businesses from doing business with ByteDance after Sept. 15.
Although details of the deal haven’t been released, it’s been reported that Oracle will be handling the data for TikTok’s 100 million American users. How much of the operations side of the business will remain with ByteDance remains unclear.
“This is real win for ByteDance,” said Jack E. Gold, founder and principal analyst of J.Gold Associates in Northborough, Mass.
“ByteDance thought it was going to have to sell TikTok or they were