Enlarge /. It's official … kind of.
According to reports, President Donald Trump personally endorsed Oracle's proposal to invest in TikTok, bringing the entire saga one step closer to an end.
The president told reporters this afternoon that he approved the deal "in concept," according to Bloomberg News.
"I gave the deal my blessing," said Trump. "I approved the deal in the concept."
Late last Sunday, the one-off dark horse Oracle emerged as the winner in a complex and extremely unusual bidding process for TikTok that began when the White House declared the popular video-sharing app a national security threat.
Bloomberg reports that the transaction will leave most of TikTok's assets and proprietary algorithms in the hands of parent company ByteDance, with Oracle and other investors taking minority stakes in the newly formed TikTok Global.
Trump first said in August that he wanted the U.S. Treasury Department to receive a cut on the transaction.
"We set a date, I set a date, around September 15th. At that point there will be no more business in the US. But if someone, Microsoft or someone else, buys it, that's interesting" Trump told reporters at the time, adding:
Most of all, I said that a very significant portion of this award must go to the United States Treasury Department. Because we make it possible for this deal to happen. Right now they have no rights unless we give them to them. So if we want to give them the rights, then it has to come to this country. … "So it will be closed on September 15th, unless Microsoft or someone else can buy it and work out a deal, a decent deal, so the Treasury Department – really the Treasury Department, you would say, the United States States, gets a lot of money. A lot of money /
The federal government generally receives no commission or reduction on mergers or acquisitions, except for any taxes due, which are paid to the Treasury Department as needed.
According to Bloomberg, the companies have agreed to donate $ 5 billion to a Texas-based education fund to meet this special deadline. "They are going to put up a very large fund," said Trump. "This is your contribution that I asked for."
The deal has yet to be approved by the finance department and Chinese authorities before it can proceed. It's still unclear whether Trump's "blessing" will be enough to prevent TikTok from being thrown from Apple and Google's mobile app stores tomorrow night.