U.S. President Donald Trump said Tuesday (September 15) he'd heard that tech company Oracle was quote "very close" to a deal over popular video app TikTok.
TikTok and its Chinese parent company Bytedance have been locked in a standoff between Beijing and Washington amid U.S. concerns that user data could go to the Chinese Communist Party.
According to sources familiar with ByteDance's proposal, Oracle would become the company's technology partner managing TikTok's data in the U.S.
But the Beijing-based company would keep a majority stake in TikTok's global business and create headquarters for TikTok in the United States.
Speaking to reporters at the White House, Trump said he would look into the proposed agreement, and added that he was a fan of Oracle's chairman Larry Ellison, who has fundraised for the president.
"Well, we're going to make a decision pretty soon. I have a high respect for Larry Ellison. He's somebody I know. He's been really a terrific guy for a long time."
ByteDance's proposed deal for TikTok comes in the hopes of avoiding a ban in the U.S. while also appeasing the Chinese government.
It remains unclear whether Trump will approve their proposal for majority-ownership, which would represent a U-turn for the president and his administration.
Trump had previously ordered ByteDance to divest TikTok's U.S. operations--and threatened to ban TikTok in the U.S as early as Sunday if ByteDance does not comply.
Trump also said last month that proceeds from the deal should go to the U.S. government for making the deal possible.
But ByteDance's proposal does not envision paying any such fee.
Meanwhile, China updated its rules for exporting tech last month, giving it a say over transferring TikTok's algorithm to a foreign buyer.
The proposed deal would not require ByteDance to apply for an export license with Chinese authorities.
The White House, ByteDance and Oracle did not immediately respond to requests for comment.