US government confirms receiving Oracle bid for TikTok

Tiktok said it will challenge in court a Trump administration crackdown on the popular Chinese-owned service, which Washington accuses of being a national security threat.
Tiktok said it will challenge in court a Trump administration crackdown on the popular Chinese-owned service, which Washington accuses of being a national security threat.
Chris Delmas / AFP

The US government has received a bid from Oracle for TikTok's American operations after the video-sharing app's parent ByteDance rejected a proposal from Microsoft, Treasury Secretary Steven Mnuchin said Monday.

Mnuchin told CNBC his office received the proposal involving Oracle over the weekend and said the bid would be handled by a government panel that reviews foreign transactions for national security concerns.

Oracle confirmed the submission, saying the company "is part of the proposal by ByteDance to the Treasury Department over the weekend in which Oracle will serve as the trusted technology provider."

President Donald Trump's administration has sought the sale of TikTok from ByteDance, citing concerns about US data security.

The transaction is being structured as a partnership and probably won't be an outright sale, The Wall Street Journal reported, citing unnamed sources.

"I will confirm that we did get a proposal over the weekend that includes Oracle as the trusted technology partner," Mnuchin said. "We will be reviewing that at the committee this week and then we'll be making a recommendation to the president and reviewing it with him."

Mnuchin declined to go into detail on the bid.

"We need to make sure that the code is, one, secure, Americans' data are secure, phones are secure, and we'll be having discussions with Oracle over the next few days with our technical teams," Mnuchin said.

In early August, Trump issued an executive order stating that if a purchase agreement was not reached by September 20, the platform would have to close in the United States.

Shares of Oracle were halted shortly after the open due to news pending on the company. Shares were up 4.3 percent at $59.44 at the time trading was frozen.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
16.13
(-0.13)
ZAR/GBP
21.13
(-0.25)
ZAR/EUR
19.10
(+0.13)
ZAR/AUD
11.55
(-0.16)
ZAR/JPY
0.16
(-0.37)
Gold
1907.00
(+0.28)
Silver
24.37
(+0.43)
Platinum
880.00
(+1.15)
Brent Crude
40.81
(-3.00)
Palladium
2325.00
(-0.47)
All Share
54079.43
(-1.48)
Top 40
49560.81
(-1.44)
Financial 15
10503.32
(-1.33)
Industrial 25
74333.65
(-0.17)
Resource 10
50405.50
(-3.24)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
24% - 94 votes
No, I did not.
51% - 202 votes
My landlord refused
25% - 100 votes
Vote