Last year, lawmakers passed a bill demanding that ByteDance, the Chinese parent company of TikTok, either sell the app or face a ban in the U.S. The app briefly went offline before the law was set to take effect on January 20, until then-President Donald Trump announced plans to delay the ban with an executive order.
At that time, Trump proposed an “initial thought” for a potential deal to save TikTok — suggesting a joint venture between the current or new owners, where the U.S. would hold a 50% stake.
According to NPR’s reporting, a deal is now in the works in which Oracle would take control of TikTok’s global operations, while ByteDance maintains a minority stake.
Trump had previously attempted to push for TikTok’s sale during his first term, with Oracle as a potential buyer. Though the sale didn’t materialize, TikTok later moved its U.S. traffic to Oracle servers. In a press conference on Tuesday, Trump mentioned that he would consider either Elon Musk or Oracle chairman Larry Ellison as potential buyers of the app.
However, some senators who supported the ban-or-sell bill have raised concerns over Trump’s plans, questioning whether the law requires ByteDance to completely divest.