ByteDance plans to create a new standalone company for TikTok’s US operations in which it would remain majority owner, but give Oracle and other American investors minority stakes in the new business. — Reuters
Oracle Corp will get full access to review TikTok’s source code and updates to make sure there are no back doors used by the company’s Chinese parent to gather data on the video-sharing app’s 100 million American users, according to people familiar with the matter.
TikTok parent ByteDance Ltd and Oracle submitted these details in their proposal to the Trump administration with a goal of averting an outright sale of the app or a shutdown of its US operations set to take effect Sept 20. US President Donald Trump has threatened to ban the app in a pair of executive orders issued last month based on US national security concerns.
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