Microsoft Responds Planned Acquisition TikTok After Consulting Trump
(Photo : Florence Lo) FILE PHOTO: China and U.S. flags are seen near a TikTok logo in this illustration picture taken July 16, 2020.

President Trump questioned the plans of Chinese tech firm ByteDance to keep most of its stake in the TikTok deal on its U.S. operations.

Trump said Wednesday that he was "not going to be happy" if the TikTok deal continued to let the social media app be majority-owned by ByteDance, said a CNN report.

The TikTok deal between ByteDance and Oracle is under evaluation from the U.S. government. It is designed to resolve Trump's national security concerns about TikTok.

"Conceptually, I can tell you that I don't like that," Trump said in a news conference. During the conference, he was asked about the reported minority share that Oracle will hold on TikTok, reported The Guardian.

He said that he was not prepared to "sign off on anything" that is related to the deal.

 "They're going to be reporting to me tomorrow morning, and I'll let you know," he said.

Trump to Have Briefing on TikTok Deal

Trump said he has only seen media reports about the Oracle-ByteDance deal. He is still expecting a briefing about it on Thursday.

It proposed for Oracle to become a "trusted technology provider" for TikTok's American operations.

It also proposed creating a global headquarters in the U.S., with Oracle as its local partner, said a Politico report.

The ownership structure between Oracle and TikTok is not yet clear. But some media outlets have reported that ByteDance holds a majority stake in the company.

Trump did not like the idea of Chinese firm ByteDance to keep itself in control of most of TikTok's operations.

Trump said ownership of a U.S. company has to be "100% as far as national security is concerned, saying he is yet to see the deal.

The Committee on Foreign Investment in the U.S. reviewed the proposal on a Tuesday meeting. They are slated to make a recommendation to Trump this week.

"They're giving me studies on the deal," Trump said.

Heat Between Trump and TikTok

The president issued an executive order last month that will ban TikTok from operating in the U.S.

He argued that TikTok could funnel data from its 100 million American users to the Chinese government. The company has repeatedly denied doing so.

But he issued a second executive order that let the company find a U.S. buyer.

The negotiations involved a slew of companies interested in getting the said highly popular app. Its most influential and biggest bidder was Microsoft, whose offer was declined after is overwhelming lead.

Getting Money from Deals

Trump said before that he wants the Treasury Department to collect money on any deal. He argued that his executive orders made the sale possible, so the government had to be compensated.

But on Thursday, he was shocked to find out that lawyers did not find such payments appropriate.

"Amazingly, I find that you're not allowed to do that. You're not allowed to accept money," Trump said.

Six Republican senators urged the administration to reject the TikTok deal. They said the president could block the proposal as long as ties are remaining to the Chinese owner ByteDance.

Check these out!

TikTok, Oracle Reach Initial Technical Partnership Deal
TikTok to Sue US Government Over Trump's Ban on App
TikTok CEO Quits as Company Faces Threat of Ban in US