Commenting on the Chinese firm's decision, US Treasury Secretary said the Trump administration had received the proposal from Oracle to headquarter TikTok in the States and would review the plan over the coming week.
Trump said ownership of a USA company has to be "100% as far as national security is concerned, saying he is yet to see the deal".
Chinese authorities have said they would not allow ByteDance to sell the algorithms used by TikTok which are believed to hold much of the value for the popular social platform.
Oracle has edged out Microsoft in negotiations for ByteDance-owned TikTok in a deal that's under review by the United States government.
Walmart had joined Microsoft's bid for TikTok.
Firefighter dies while battling California wildfire
Trump during his visit downplayed climate concerns over the wildfires, saying that global warming will reverse on its own. Almost 60% of the forests in California , 25% of the forests in OR , and 44%in Washington are national forests.
An hour later news broke that Oracle will become TikTok's "trusted tech partner" for US, Canada, Australia and New Zealand in a deal that "involved" Donald Trump. Microsoft had said it needed control of TikTok's computer code to protect American users from Chinese snooping or disinformation campaigns. "We know that any approved deal must satisfy all regulatory and national security concerns".
Like most things in the United States these days, it all started with President Trump.
CFIUS is a USA government committee led by Mr. Mnuchin that reviews commercial transactions for potential national security problems, and its purview was broadened by the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). In the end, it appears that Oracle was OK with not becoming TikTok's parent company and will probably become its cloud services provider or something similar.
Looks like TikTok has a buyer, and it's not Microsoft. "The TikTok ban has to be viewed as part of this longer-term effort by the U.S.to police the boundaries of its technology ecospheres with China".
ByteDance's proposed deal for TikTok comes in the hopes of avoiding a ban in the us while also appeasing the Chinese government.