- ByteDance and Oracle accepted Mnuchin’s revised terms of the deal
- Trump can still reject the transaction
- ByteDance would retain majority stake in TikTok
The U.S. Treasury Department, China’s Bytedance and Oracle Corp. (ORCL) have reached a tentative agreement on terms related to Oracle’s involvement in ByteDance’s video-sharing app TikTok.
Bloomberg reported that Treasury Secretary Steven Mnuchin sent revised terms of the deal to Bytedance late on Wednesday – which both ByteDance and Oracle accepted. The changes to the deal apparently relate to the satisfaction of the U.S. government’s concerns about national security in connection with the collection of data of the app’s American users.
White House Senior Adviser Jared Kushner is aware of the revised terms, Bloomberg noted, but it remains unclear if he is satisfied with them.
The White House had previously accused ByteDance of aggregating data on American users of the popular app and presumably sending