“I have spoken to many people about TikTok and there is great interest in TikTok,“ Trump told reporters on Air Force One during a flight to Florida.
Trump’s administration is working on a plan to save TikTok that involves tapping software company Oracle and a group of outside investors to effectively take control of the app’s operations.
Asked if he was putting together a deal with Oracle and other investors to save TikTok, Trump said: “No, not with Oracle. Numerous people are talking to me, very substantial people, about buying it and I will make that decision probably over the next 30 days. Congress has given 90 days. If we can save TikTok, I think it would be a good thing.”
The deal being negotiated anticipates participation from ByteDance’s current U.S. investors, according to the sources. Jeff Yass’s Susquehanna International Group, General Atlantic, Kohlberg Kravis Roberts (KKR) and Sequoia Capital are among ByteDance’s U.S. backers.
Others vying to acquire TikTok, including the investor group led by billionaire Frank McCourt and another involving Jimmy Donaldson, better known as the YouTube star Mr. Beast, are not part of the Oracle negotiation, one of the sources said.
Under the terms of the deal, Oracle would be responsible for addressing national security issues. TikTok initially struck a deal with Oracle in 2022 to store U.S. users’ information to alleviate Washington’s worries about Chinese government interference.
Officials from Oracle and the White House held a meeting on Friday about a potential deal, and another meeting has been scheduled for next week, NPR reported.
Trump has said he “would like the United States to have a 50% ownership position in a joint venture” in TikTok.
NPR cited another source as saying that appeasing Congress is seen as a key hurdle by the White House. Free speech advocates have opposed TikTok’s ban under a law passed by the U.S. Congress and signed by former President Joe Biden. The company has said U.S. officials have misstated its ties to China, arguing its content recommendation engine and user data are stored in the United States on cloud servers operated by Oracle while content moderation decisions that affect American users are also made in the U.S.
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