According to CNBC, Oracle confirms that it is dealing with TikTok-owner ByteDance about the acquisition, ByteDance has submitted the proposal to the Treasury Department in which Oracle will serve as the trusted technology provider. 

The U.S. government plans to review the deal this week. Secretary Mnuchin told CNBC: “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.”

As of press time, Oracle's stock price increased nearly 6% in 24 hours.

By Mary Liu