President Donald Trump is expected to make a decision on TikTok’s fate in the U.S. in the next 24-36 hours, sources told CNBC’s David Faber. Walmart is also expected to partner with Oracle in a deal where Oracle would own roughly 20% of the social media app, according to the sources.
Trump has been meeting with cabinet members and other advisers as he decides whether or not to approve the deal, according to others familiar with the matter, who asked not to be named because the talks are private.
Trump said Wednesday he objected to the idea that ByteDance would retain a majority stake in TikTok’s U.S. operations. Still, people familiar with the matter say the ownership stake percentages haven’t been a topic of negotiation and are unlikely to change. Walmart chief executive officer Doug McMillon is expected to have a board seat on the newly formed board of directors for TikTok’s U.S. operations. Walmart didn’t immediately respond for comment.
“From the standpoint of ByteDance we don’t like that,” Trump said of the Chinese company retaining a majority stake in the business during a press conference yesterday. “I mean, just conceptually I can tell you I don’t like that.”
