The future of popular video app TikTok could be decided by President Donald Trump in the next 24-36 hours, CNBC reports.
According to sources, Walmart is expected to team up with Oracle. According to terms of the deal, sources told CNBC’s David Faber that Oracle will own about 20% of the app.
On Wednesday night, the Treasury Department provided major revisions about security issues on the TikTok/Oracle term sheet, sources told CNBC’s Sara Eisen.
Those familiar with the negotiations indicated that ByteDance fully agreed to the revisions.
TikTok opted to go with Oracle as its “trusted technology partner” and a minority stake holder over Microsoft. Microsoft reportedly wanted to acquire all of TikTok’s U.S. assets, as well as in Canada, Australia, and New Zealand.
According to those familiar with the deal, Trump has been meeting with members of his Cabinet and advisers before he decides the fate of the app.
Sources say his advisers, including Secretary of State Mike Pompeo, Secretary of Treasury Steve Mnuchin, and his son-in-law Jared Kushner, have mixed feelings on the proposal.
On Wednesday, Trump said he did not like the idea that Beijing-based ByteDance would retain a majority stake in TikTok’s U.S. operations. Despite his objection, sources told CNBC that the ownership stake percentages have not been part of the ongoing discussions. They say the numbers are unlikely to change.
“From the standpoint of ByteDance we don’t like that,” Trump said of the Chinese company keeping a majority stake in the business. “I mean, just conceptually I can tell you I don’t like that.”
Walmart CEO Doug McMillon is expected to sit on the newly formed board of directors for TikTok’s U.S. operations, according to the deal.
If ByteDance retains a majority stake in the company’s U.S. operations, the deal will contradict Trump’s previous statement that the only remedy to a U.S. ban of the app is a sale to a U.S.-based company.
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