TikTok has submitted a proposal to the US Treasury Department, which it hopes will resolve the government’s security concerns over the app.
The submission follows a currently murky acquisition, with Oracle looking to be the frontrunner after Microsoft’s bid to take over the popular app was rejected.
A TikTok spokesperson said: “This proposal would enable us to continue supporting our community of 100 million people in the US who love TikTok for connection and entertainment, as well as the hundreds of thousands of small business owners and creators who rely upon TikTok to grow their livelihoods and build meaningful careers.”
Last month, US President Donal Trump threatened to ban TikTok, unless it sold its US operations, citing security concerns.
While the drama over TikTok in the US is far from resolved, it appears Oracle might just win out. Its stock price rose four per cent today on news that the ageing enterprise software giant would be a “trusted technology provider” to TikTok.
Microsoft’s proposed takeover of TikTok included operations in Canada, Australia and New Zealand, as well as the United States.
However, if Oracle is to take over the app, it unclear if it will include Australian operations, as the proposed Microsoft would have.