Effective September 14th, computer software company Oracle has struck a deal with ByteDance, the Chinese owner of über-popular video-sharing app TikTok, that must now be vetted by the United States government.

Citing concerns that Americans’ personal data would be shared with the Chinese government, the White House had originally imposed a September 20th deadline for ByteDance to announce a plan to sell the application to an American company or be banned by the 29th. With an agreement between the companies on the cusp of being reached, Treasury Secretary Mnuchin said, “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.”

“We can confirm that we’ve submitted a proposal to the Treasury Department which we believe would resolve the Administration’s security concerns,” TikTok confirmed in a statement. “This proposal would enable us to continue supporting our community of 100 million people in the U.S. who love TikTok for connection and entertainment, as well as the hundreds of thousands of small business owners and creators who rely upon TikTok to grow their livelihoods and build meaningful careers.” And, according to industry sources, the potential international sale would bring an estimated 20,000 jobs to the United States economy.

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Photo: Luis Levrato