Trump anticipates quick settlement for TikTok deal, says it 'may come shortly'

On September 18, US President Donald Trump anticipated a “quick settlement” on TikTok deal that mandates Chinese owned company ByteDance to sell video app’s operations to US-based firm. US President Trump had earlier flagged security clearance in Oracle-TikTok agreement, citing concerns about ByteDance’s major stakes. At a press conference, Trump said that any agreement to continue operating in US must be a100 percent, as he questioned Chinese tech firm ByteDance’s majority shares in deal. 

However, in a recent press address, Donald Trump said that deal “may come shortly” as some of “great companies” were talking to US about it. Furr, speaking with reporters, Trump said that United States has total security from China and his administration would t jeopardize that security. While Oracle would typically host TikTok's data and its code for security, arrangement with ByteDance in hold over majority of stakes was largely contentious to President Trump. Furrmore, he asked company to file for an initial public offering in about 12 months to be listed on US stock exchange, according to local US media reports. 

Read: TikTok Scrambles To Remove Suicide Video Clips, Ban Users

Read: Full List Of 224 Chinese Apps Banned In India Till Date; Including PUBG, TikTok And Shein

Approached Instagram's Systrom

Meanwhile, reports of Walmart as mirity investor and e-commerce partner have also emerged, according to NBC news ncy’s report on board structure. A separate New York Time’s sources said that TikTok approached Instagram co-founder Kevin Systrom to assume position of a CEO with company. This comes in backdrop of chief Kevin Mayer’s resignation over Trump’s executive orders last month. While “ new arrangement” is obscure yet, Trump at a White House press briefing said that it may have an approval provided ByteDance didn’t hold majority stakes. “I don't like that,” Trump said in a press conference, adding, that he wasn’t “happy” with arrangement that let ByteDance be main stakeholder. However, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, and Attorney General William Barr sounded support for new deal. 

Read: Trump Says Oracle 'very Close To A Deal' Over ByteDance’s TikTok

Read: US Bans Chinese Apps WeChat And TikTok From Sept 20 Citing National Security