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TikTok logo is displayed on the smartphone while standing on the US flag. Credit: Reuters
ByteDance's proposal for US software firm to become a technology partner in its TikTok app still needs approval from Chinese and US officials, the company said on Thursday.
The proposal envisages Oracle becoming a "trusted" technology partner, while a source familiar with the situation said ByteDance is to hold majority ownership of TikTok.
The Trump administration, which has raised concerns that TikTok could hand American user data to the Chinese government, has ordered a ban on it by September 20 unless it is sold to an American firm.
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