ByteDance says proposal on TikTok still needs China, U.S. approvals

ByteDance's proposal for U.S. software firm to become a technology partner in its TikTok app still needs approval from Chinese and U.S. officials, the company said on Thursday.

The proposal envisages Oracle becoming a "trusted" technology partner, while a source familiar with the situation said ByteDance is to hold majority ownership of TikTok.

The Trump administration, which has raised concerns that TikTok could hand American user data to the Chinese government, has ordered a ban on it by Sept. 20 unless it is sold to an American firm.