Oracle Deal for TikTok in Doubt After Trump, China Remarks
- Mnuchin remains confident Trump will OK deal, sources say
- App’s Chinese owner to still have 80% stake in new company
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Doubts emerged Monday about Oracle Corp.’s deal to take over TikTok as President Donald Trump said he may still renege on his approval and the Chinese government signaled reluctance through state-owned media.
Treasury Secretary Steven Mnuchin remains confident that Trump will sign off on the transaction, but U.S. national security officials continue to raise concerns that the data of more than 100 million American users would remain in the hands of a Chinese firm, according to four people familiar with the matter.