US President Donald Trump said on Wednesday that he was unwilling to approve a contract for an American company to partner with the Chinese video app TikTok that would allow him to continue operating in the United States.
The president said the day before that Silicon Valley tech giant Oracle was “very close” to becoming the “trusted technology provider” for the app, a condition Washington was calling to allay fears that TikTok was a national security threat represents.
However, Trump said on Wednesday that such an agreement had not yet been reached but that he would meet with officials about it on Thursday.
“As far as national security is concerned, it has to be 100 percent. And no, I’m not ready to sign anything. I have to see the deal,” Trump told reporters before September 20 for TikTok’s owner ByteDance about his US activities to sell or face the shutdown of the app in the country.
He also said he was opposed to an agreement reported by media that would keep ByteDance a majority stake in the company and Oracle a minority stake.
“We don’t like that. Conceptually, I can tell you that I don’t like it,” said Trump.
Citing unnamed sources, Bloomberg reported earlier in the day that Oracle’s proposal failed to address the Trump administration’s national security concerns, although the deal is still under discussion.
The Financial Times previously reported that ByteDance was to move TikTok’s global business into a new company headquartered in the United States, with Oracle investing alongside other US investors as a minority shareholder.
The TikTok saga has taken several twists and turns, with Microsoft initially being viewed as a candidate before its offer was turned down.
Chinese authorities have announced that they will not allow ByteDance to sell the algorithms TikTok uses, which are believed to be a large part of the value for the popular social platform.
TikTok said in a statement that “we made a proposal to the Treasury Department that we believe would resolve the administration’s security concerns,” and that the app can still be used by 100 million people in the US.
Trump has requested that a significant portion of the sale go to the U.S. Treasury Department but said on Wednesday that he had been advised that it was not possible.
“I want a lot of this money to go to the United States government because we made it happen. And the lawyers come back to me and say there’s no way to do it because there’s never been any of it heard “he said.
(Except for the headline, this story was not edited by GossipMantri staff and published from a syndicated feed.)