Oracle confirms deal with TikTok-owner ByteDance to become ‘trusted technology provider’

Oracle on Monday confirmed it has struck a deal with ByteDance, the Chinese owner of popular video-sharing app TikTok, weeks after the Trump administration ordered a TikTok divestiture in the United States.

The deal still needs U.S. government approval.

“Oracle confirms Secretary Mnuchin’s statement that it is part of the proposal submitted by ByteDance to the Treasury Department over the weekend in which Oracle will serve as the trusted technology provider,” Oracle said Monday.

Earlier on CNBC, Mnuchin said the U.S. government plans to review the deal this week. “I will just say from our standpoint, we’ll need to make sure that the code is, one, secure, Americans’ data is secure, that the phones are secure and we’ll be looking to have discussions with Oracle over the next few days with our technical teams,” he said on “Squawk Box.”