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US receives Oracle bid for TikTok
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The United States government has received a bid from Oracle for TikTok鈥檚 American operations after the video-sharing app鈥檚 parent ByteDance rejected a proposal from Microsoft, Treasury Secretary Steven Mnuchin said on Monday.
Mnuchin told CNBC his office received the proposal involving Oracle over the weekend and said the bid would be handled by a government panel that reviews foreign transactions for national security concerns.
Oracle confirmed the submission, saying the company 鈥渋s part of the proposal by ByteDance to the Treasury Department over the weekend in which Oracle will serve as the trusted technology provider.鈥
President Donald Trump鈥檚 administration has sought the sale of TikTok from ByteDance, citing concerns about US data security.
The transaction is being structured as a partnership and probably won鈥檛 be an outright sale, The Wall Street Journal reported, citing unnamed sources.
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