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September 21, 2020 04:01 pm

Trump Says ByteDance Can't Keep Control of TikTok in Oracle Deal

President Donald Trump said he might rescind his tentative blessing for a deal between Oracle and ByteDance to create a new U.S.-based TikTok service, casting doubt on the agreement as Chinese state media signaled reluctance in Beijing. From a report: Speaking in an interview on Fox News on Monday, Trump said he wouldn't approve the deal if the Chinese company retains control of TikTok. However, he also indicated that he expected Chinese influence to be diluted by a future public offering of the new company. "They will have nothing to do with it, and if they do, we just won't make the deal," Trump said, referring to ByteDance, which owns TikTok. "It's going to be controlled, totally controlled by Oracle, and I guess they're going public and they're buying out the rest of it -- they're buying out a lot, and if we find that they don't have total control then we're not going to approve the deal." Shortly after Trump's comments, Hu Xijin, editor-in-chief of the China state-affiliated Global Times, tweeted that Beijing would likely reject the deal "because the agreement would endanger China's national security, interests and dignity."

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