President Donald Trump said he’s not happy with what he’s heard about the terms of Oracle Corp.’s bid for the Chinese-owned video app TikTok but added he won’t be briefed on details until Thursday morning.
“Just conceptually, I can tell you I don’t like that,” he said after a reporter told him that TikTok’s Chinese owner, Bytedance Ltd., would retain a majority of the company’s assets, with Oracle acquiring a minority stake.
“I’m not prepared to sign off on anything,” Trump said, adding that he needs to hear more details of the proposal.
Top Trump administration officials have raised concern that Oracle’s proposal for TikTok’s U.S. operations falls short of satisfying national-security concerns, according to people with the matter. Their position could sway whether the bid succeeds or fails, but Trump has the authority to approve or deny any deal.
The officials, including Secretary of State Michael Pompeo, worry that Bytedance could still access the data of around 100 million app users in the U.S. even if the transaction is approved.
Oracle would be responsible for storing user data in the U.S. under the proposed restructuring.