Treasury Secretary Steven Mnuchin said on Monday the Trump administration received a proposal from Oracle Corp over the weekend to make TikTok a US-headquartered company and will review the plan this week.
Bytedance, which owns the short video app, currently runs its US operations out of Culver City in LA County, California and the Chinese-owned company was given a September 20 deadline to sell to an American company due to data concerns.
It emerged Sunday that Oracle won the bid over Microsoft but that the deal was a restructuring to having a 'trusted technology partner' rather than an outright sale.
In a TV interview Mnuchin said tens of thousands of jobs would be come from the new deal, which is yet to be signed off by the Trump admin.
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Treasury Secretary Steven Mnuchin said on Monday that the Trump admin will review a deal for Oracle to be TikTok's 'trusted technology partner'
Mnuchin told MSNBC on Monday: 'There's also a commitment to create TikTok Global as a US headquartered company with 20,000 new jobs.' Pictured: The TikTok office in Culver City, California
President Donald Trump supporter Larry Ellison co-founded Oracle Corporation in 1977 and it now has 136,000 employees. Pictured: An exterior view of the Oracle Field Office in Arlington, Virginia
'I want to be careful what I say, but I will confirm we did get a proposal over the weekend that includes Oracle as the trusted technology partner, with Oracle making many representations for national security issues,' Mnuchin told MSNBC.
'There's also a commitment to create TikTok Global as a US headquartered company with 20,000 new jobs.'
President Donald Trump supporter Larry Ellison co-founded Oracle Corporation in 1977 with Bob Miner and Ed Oates. It now has 136,000 employees.
In February 2020, Ellison hosted a Trump fundraiser at his Rancho Mirage home where tickets cost up to $250,000 to attend.