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The White House, facing a deadline of April 5, is reportedly considering a “high-level agreement” that Oracle will be the winner in the TikTok sweepstakes as part of a forced agreement to decouple this application from its Chinese origins.
Vice President JD Vance hinted at the possible sale agreement required by Congress on Friday amid national security concerns regarding China-based ownership, which requires forced technology transfers and gives the Chinese Communist Party access to Americans’ data.
Politico reported that Larry Ellison, the Oracle founder and executive chair, who has been a staunch supporter of Donald Trump for many years, was the top bidder in the White House’s consideration of an agreement. However, the sources expressed concern that national security could be compromised.
In a bipartisan effort, Congress passed a bill that former president Joe Biden had signed, requiring the sale of TikTok to its China-tied parent company, ByteDance. However, sources told Politico that Oracle’s deal might only be a temporary fix.
According to the report, lawmakers will bring Oracle in to discuss security details.
A source told Politico that “if the Oracle deal goes forward, this [algorithm] is still controlled by the Chinese.” “That’s all you’re doing is saying, ‘Trust Oracle’ for the dissemination of the data. You’re also ensuring there’s no ‘back door’ to the information.”
Vance said on Friday that he hoped a deal would be reached by the deadline of early April to keep TikTok running in the U.S.
Vance, aboard Air Force Two, said: “There will almost definitely be a high-level agreement that I believe satisfies the national security concerns of our country and allows for a distinct American TikTok venture.”
Since Jan. 19, questions about the future of this popular video-sharing app continue to linger. A law that requires its China-based parent to divest, or face a possible ban, took effect. Trump signed an executive order after taking office that gave TikTok 75 days to comply with the law.
Vance and Michael Waltz, the national security advisor, were asked by Trump to locate a buyer.
Vance stated, “We would like to do it without the extension.” “I’m not sure what the answer is to the question, but I think it is: What is the ownership percentage of the joint venture?” How will you handle the contracts with all investors, customers, and service providers?
“The deal itself will be very clear, but actually creating those thousands and thousands of pages of legal documents, that’s the one thing that I worry could slip.”
Trump said previously that the TikTok agreement deadline could be extended if necessary.
He also proposed that the U.S. have a 50 percent stake in a joint venture. The administration hasn’t provided any details about what this type of deal would include.
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