Oracle was the leading contender in the race to acquire TikTok’s US business, though its proposal remains unapproved, with accusations that it amounts to a “non-binding, ExxonMobile-style” agreement.
The proposal was to be announced before President Trump’s tariff war with China, and would have licensed the app’s algorithm, but following the tariff announcement on Wednesday, Beijing has reportedly withheld approval.
ByteDance issued a statement on Friday stating that any deal would be subject to approval under Chinese law.
It is thought President Trump is increasingly reliant on the deal going ahead, not least as it would allow him to claim he saved TikTok.