Oracle confirms deal with TikTok to be ‘trusted technology provider’
Oracle on Monday confirmed a deal with TikTok’s parent company, ByteDance, to become a “trusted technology provider.”
The proposed arrangement was submitted to the Treasury Department over the weekend.
Oracle’s confirmation of the previously reported deal comes just ahead of the deadline for divestiture set by the Trump administration in an executive order.
Treasury Secretary Steven Mnuchin told CNBC Monday morning that the government plans to review the deal this week.
“I will just say from our standpoint, we’ll need to make sure that the code is, one, secure, Americans’ data is secure, that the phones are secure and we’ll be looking to have discussions with Oracle over the next few days with our technical teams,” he said.
A spokesperson for TikTok confirmed that the proposal was submitted, which “we believe would resolve the Administration’s security concerns.”
“This proposal would enable us to continue supporting our community of 100 million people in the US who love TikTok for connection and entertainment, as well as the hundreds of thousands of small business owners and creators who rely upon TikTok to grow their livelihoods and build meaningful careers,” the spokesperson told The Hill.
Details about what Oracle’s role as a “trusted technology provider” would mean in practice have not yet been shared.