Treasury Department reportedly okays Oracle's TikTok takeover

Oracle headquarters.
(Image credit: Justin Sullivan/Getty Images)

TikTok's parent company and Oracle have agreed to a takeover deal that has the Treasury Department's approval, NBC News reports.

After suggesting the Chinese-owned video sharing app was a national security risk, President Trump ordered TikTok's owner ByteDance to find a buyer for its U.S. operations or risk a total ban. Microsoft's bid for TikTok didn't work out, but Oracle, ByteDance, and the Treasury Department all agreed to a deal for Oracle's U.S. takeover, two people familiar with the arrangement said.

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Kathryn Krawczyk

Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.