President Trump to receive a report on Oracle-TikTok deal

On Wednesday, U.S. President Donald Trump announced that he was not ready to approve a proposed deal from ByteDance that would make Oracle (ORCL.N) a technology provider for its popular video-sharing app TikTok.

Trump said that he was waiting to receive a report from the U.S. Treasury Department about the proposed deal on September 17.

“Conceptually, I can tell you that I don’t like that and I’m not prepared to sign off on anything. They’re going to be reporting to me tomorrow morning and I’ll let you know,” Trump stated in a news conference on Wednesday.

Trump had previously threatened to ban the app unless its U.S. operations were sold to a U.S. company and the U.S. government would receive a share of the proceeds. He also added that there was no legal path to ensure money from the Tiktok deal.

“We remain opposed to any deal that would allow China-based or controlled entities to retain, control or modify the code or algorithms that operate any US-based version of TikTok,” U.S. Senator Marco Rubio wrote in a letter.

He adds, “We are heartened that this deal still requires government approval, and if reports indicating this proposed deal will retain links to ByteDance or other Chinese-controlled entities, we strongly urge the administration to reject such a proposal on national security grounds.”