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TikTok-Oracle deal: US President Trump likely to take a decision within next 24-36 hours

Last month, the Trump administration had issued an executive order calling ByteDance – the parent company – to sell or to completely shut down TikTok's US business operations, citing national security concerns.

September 17, 2020 / 08:09 PM IST
US President Donald Trump (AP Photo/Evan Vucci)

US President Donald Trump (AP Photo/Evan Vucci)

A decision on the TikTok-Oracle deal is likely to be taken by United States President Donald Trump in the next 24-36 hours, sources told CNBC. This comes after he reportedly questioned ByteDance retaining a majority stake in TikTok's US operations.

As per the report, Walmart may tie up with Oracle in a deal that would give the latter a roughly 20 percent stake in the much-popular social media video-sharing app.

Last month, the Trump administration had issued an executive order calling ByteDance – the parent company – to sell or to completely shut down TikTok's US business operations, citing national security concerns. The US government had given ByteDance a 90-day-deadline to do so.

The US President had said TikTok would need to be acquired by an American company to run its business in the US and that all the data should be stored within the country.