Wednesday, September 30, 2020
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Oracle confirms deal with ByteDance as its provider

American tech giant Oracle Corp. confirmed Monday that it reached a deal with ByteDance, the parent company of the video-sharing mobile app TikTok, to become its “trusted technology provider,” but the deal is subject to approval by the United States government.

U.S. Treasury Secretary Steven Mnuchin said on Monday that the Trump administration will review the deal this week.

On the same day, TikTok said in a statement that it had submitted a proposal to the Treasury Department.

The U.S. government threatened to ban TikTok video app under the pretext of maintaining a free and fair market as well as national security concerns and U.S. President Donald Trump set Sept 15 as the deadline for TikTok to find a U.S. buyer or face shutdown in the country.

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