Doubts emerged Monday about Oracle Corp.’s deal to take over TikTok as President Donald Trump said he may still renege on his approval and the Chinese government signaled reluctance through state-owned media.

Treasury Secretary Steven Mnuchin remains confident that Trump will sign off on the transaction, but US national security officials continue to raise concerns that the data of more than 100 million American users would remain in the hands of a Chinese firm, according to four people familiar with the matter.

US officials are bracing for Trump to reject the deal if it becomes obvious that it doesn’t meet criteria the president himself laid out publicly, they said, speaking on the condition of anonymity. Chiefly, the agreement with Oracle leaves TikTok owner ByteDance Ltd. as the majority owner of the service, at least until a public offering of the new company created in the deal.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook