Trump approves Oracle, TikTok deal “in concept”
President Donald Trump has reportedly granted his personal approval of Oracle's proposal to invest in TikTok, moving the entire saga one step closer to an end.
The president told reporters this afternoon he approved the deal "in concept," according to Bloomberg News. "I have given the deal my blessing," Trump said. "I approved the deal in concept."
Late last Sunday one-time dark horse Oracle emerged as the victor in a complex and deeply unusual bidding process for TikTok that kicked off when the White House declared the popular video-sharing app to be a national security threat. Bloomberg reports that the transaction will leave the majority of TikTok's assets and proprietary algorithms in the hands of parent company ByteDance, with Oracle and other US investors taking minority stakes in the newly formed TikTok Global.
