Tag: veto

Treasury, ByteDance, Oracle Agree To TikTok Transaction, But Trump Holds Veto Power

KEY POINTS

  • 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

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TikTok sale disrupted as China rewrites rules to give itself a veto

  • The sale of TikTok’s US operations was thrown into disarray over the weekend by new regulations from China.
  • On Friday, Chinese officials widened a list of technology sales over which it can wield a veto, seeking to give itself new authority over any TikTok deal.
  • According to The Wall Street Journal, TikTok parent ByteDance pulled back from talks with suitors like Microsoft and Oracle to consider the new rules.
  • ByteDance is looking to sell after President Donald Trump said the app will be banned if it is still operated by a Chinese company by mid-November.
  • Visit Business Insider’s homepage for more stories.

The sale of TikTok’s US operations to a domestic buyer — likely Microsoft or Oracle — has been thrown into disarray after China rewrote its technology export rules to give itself a veto over the process.

According to The Wall Street Journal, negotiators for TikTok parent ByteDance and

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