CFIUS Reportedly Approves TikTok-Oracle Deal Amid Backlash Over ByteDance Majority Ownership

Fox Business senior correspondent Charles Gasparino just reported that CFIUS “has approved or will approve” the revamped TikTok-Oracle deal.

SCOOP: People close to @tiktok_us say they believe the Committee on Foreign Investment in the US — CFIUS — has approved or will approve the @Oracle deal w the app but it needs @POTUS approval and there is some @WhiteHouse debate as of early this morning Story developing $ORCL

— Charles Gasparino (@CGasparino) September 16, 2020

However, infighting continues over ByteDance retaining majority ownership of the new US-based company, even though Oracle will reportedly handle all of the video hosting and traffic.

SCOOP: Big push back in @WhiteHouse over @Oracle “partnership” w @tiktok_us as @FoxBusiness reported Chinese retain ownership. China hawks @PeterNavarro45 & @SecPompeo raising serious concerns as @stevenmnuchin1 & @SecretaryRoss seek approval. Today should be interesting $ORCL

— Charles Gasparino (@CGasparino) September 16, 2020

Oracle shares dipped briefly into the red on the news, indicating a reasonably high degree of market confidence in the news.