President Donald Trump is reportedly still pushing for the U.S. government to receive a payment in Oracle’s proposed deal to acquire TikTok.
Trump spoke to Oracle Chairman Larry Ellison and Walmart CEO Doug McMillon on Friday over the phone, while he decides whether to approve the transaction with TikTok’s Chinese parent company ByteDance, Bloomberg reported, citing sources familiar with the matter.
Trump has previously expressed his wish for the U.S. government to receive a significant cash payment as part of the sale of TikTok. However, it remains unclear how that will happen, and under what terms.
In the proposed deal, Oracle and ByteDance will create TikTok Global, a new company that aims to resolve the national security concerns about the video-sharing app due to its Chinese ownership.
Walmart remains in play even after the failed bid of partner Microsoft to buy TikTok’s U.S. assets, as it is also interested in investing. It may secure one seat on TikTok Global’s board of directors, a source told Bloomberg.
Digital Trends has reached out to Oracle to try to secure confirmation of Trump’s phone call with Ellison and the company’s comments on the possible payment to the U.S. government, and we will update this article as soon as we hear back.
TikTok, WeChat banned from U.S. app stores
TikTok, along with messaging app WeChat, will be banned from U.S. app stores starting Sunday, September 20, following the executive order issued by Trump in August. The app will continue to function, but it may be shut down entirely if there is no deal in place to sell it to a U.S. company by November 12.
Meanwhile, TikTok is planning to dispute the executive order, calling it “unjust.”
- TikTok pivots to photos while its competitors are still chasing its viral videos
- TikTok continues to rebut reports of a security breach
- TikTok adds Twitter- and Instagram-like content control tools
- Facebook reportedly plans massive overhaul to compete with TikTok
- TikTok wants to tweak its algorithm to avoid problematic content