BYTEDANCE ACCEPTS TRUMP ADMINISTRATION’S CHANGES TO MITIGATE SECURITY RISK
The Chinese company that owns TikTok has accepted the Trump administration’s changes to a deal devised to mitigate the White House’s concerns about the national security risk.
U.S. officials had provided TikTok’s owner, ByteDance, with revisions to its proposal to bring in Oracle as a partner in a bid to allow the social media app to continue operating in the U.S. Some of the revisions were intended to address how TikTok’s data and source code would be handled and secured.
The exact ownership structure of TikTok under the proposed deal is unclear.
President Donald Trump has said ByteDance could not retain a majority stake in TikTok. Oracle would have an ownership stake in the app, but would not own it outright.