9/17, 8:21 AM (Source: TeleTrader)
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ByteDance says TikTok deal still requires approval in US, China - report

The deal between ByteDance and Oracle on purchasing a stake in TikTok's business in the United States still needs to be approved by both Chinese and United States authorities, the video-sharing app's parent company reportedly told Global Times on Thursday.

On Wednesday, another report said the Chinese government is expected to okay the agreement under which Oracle would hold a minority stake and will independently process TikTok's data in the US.

On the other hand, US President Donald Trump claimed he is not ready to sign off the deal at the moment, hinting he won't accept the takeover that sees ByteDance keeping the majority stake in the app. White House economic adviser Larry Kudlow unveiled that the agreement is in a "deep review process" in the United States, while US Secretary of State Mike Pompeo and White House trade adviser Peter Navarro are reportedly opposing the deal between Oracle and ByteDance.

Breaking the News / GA