Trump to Decide on TikTok’s Ownership Within 30 Days
ABOARD AIR FORCE ONE – Former President Donald Trump said Saturday that he is in negotiations about TikTok’s future and expects to decide within the next 30 days what he wants to do about it. Speaking to reporters on Air Force One during a flight to Florida, Trump was positive about the app’s future.
“I have spoken to many people about TikTok, and there’s significant interest in it,” Trump said.
Recent reports by Reuters had already indicated that the Trump administration was devising a plan for ensuring TikTok’s continuation in the United States. This possible plan involves Oracle, one of the world’s leading software companies, and a consortium of outside investors assuming control over the app’s operations.
Under the tentative arrangement, ByteDance, TikTok’s parent company based in China, would retain a minority stake. However, Oracle would oversee data collection and software updates, ensuring compliance with U.S. national security concerns. Currently, Oracle provides the infrastructure for TikTok’s web services.
Despite these reports, Trump clarified that he has not directly discussed the matter with Oracle co-founder Larry Ellison. “Numerous people are talking to me, very substantial people, about buying it,” he said. “Congress has given 90 days, but I’ll likely make a decision within 30.”
Though Oracle still remains a principal negotiator in the deal, other groups have also been staking their claim to TikTok’s ownership. These include coalitions of investors led by billionaire Frank McCourt and YouTube star Jimmy Donaldson, famously known as MrBeast. However, those groups are reportedly not part of the Oracle deal.
It will reportedly see participation from some of ByteDance’s existing U.S. investors, such as General Atlantic, Sequoia Capital, Kohlberg Kravis Roberts (KKR), and Susquehanna International Group. Representatives for the latter two, as well as TikTok, were unavailable for comment.
Oracle’s participation would also assuage some of the long-standing national security concerns. In 2022, TikTok agreed to store U.S. user data on Oracle-managed servers in order to calm fears of interference by the Chinese government. The proposed deal would allow TikTok’s existing management team to continue running the platform, which is used by 170 million Americans.
TikTok was shut down temporarily due to an earlier mandate to sell or completely ban, citing national security grounds. President Joe Biden delayed the implementation of the law shortly before leaving office, citing further review needs.
Trump has also suggested that the United States could hold a 50% stake in a potential joint venture for TikTok. However, appeasing Congress remains a significant challenge, as lawmakers scrutinize the deal. Free speech advocates have opposed TikTok’s potential ban, arguing that it infringes on user rights.
TikTok insists that U.S. officials have been misguided in their characterization of its relationship with China. The company points out that both its recommendation algorithms and user data reside on Oracle-operated U.S. servers, and that moderation decisions on American users are made locally.
NPR reports that representatives of Oracle have met with officials from the White House to discuss the deal. The next meeting is scheduled for next week. According to the sources, Oracle wants to take a stake valued at “tens of billions.” The general deal structure, however, remains in flux.
The outcome of these negotiations will determine whether TikTok continues to operate in the U.S. under new ownership, potentially ensuring the app’s future amidst heightened scrutiny and regulatory pressures.
