Sale of TikTok's US business to Oracle & Walmart 'shelved indefinitely' - report
The sale of TikTok’s US operations to Oracle and Walmart has been "shelved indefinitely", according to The Wall Street Journal.
Oracle Corp.
$169.14
10:59 03/06/25
The WSJ cited people familiar with the situation as saying that President Biden is now undertaking a broad review of his predecessor Donald Trump’s efforts to address potential security risks from Chinese tech companies. TikTok is owned by China’s ByteDance.
Trump issued an executive order last August forcing the video-sharing app to sell or spin off its US business to American companies or face being banned. He said at the time that there was "credible evidence" that ByteDance "might take action that threatens to impair the national security of the United States".
In September 2020, Oracle and Walmart agreed to take a 20% stake in TikTok’s global business as part of a pre-IPO financing round.
National Security Council spokeswoman Emily Horne told the WSJ: "We plan to develop a comprehensive approach to securing US data that addresses the full range of threats we face.
"This includes the risk posed by Chinese apps and other software that operate in the US. In the coming months, we expect to review specific cases in light of a comprehensive understanding of the risks we face."
During his time in office, Trump launched a campaign against Chinese tech companies, including the likes of Huawei and Tencent’s WeChat.