What is the latest progress on the ByteDance plan to hive off the US operations of Tik Tok to Oracle?

ByteDance, the owner of the controversial Tik Tok platform, is working with US regulators to address security concerns over its proposed sale of stake in Tik Tok. With the US elections underway, this process is likely to get further delayed.

As of now, it looks like Oracle is leading the bid to buy a stake in Tik Tok but things could change rapidly in the volatile US technology scenario. It is still hashing out the fine-print of the deal. However, Chinese government has been far from happy with the deal.

As of now, a number of key issues remain unresolved. These include issues pertaining to data security, Chinese ownership in the new Tik Tok Global and a proposed $5 billion commitment to the education fund. Trump will shut down Tik Tok US on November 12 if there is no deal by then.

One agreement that is already on the table calls for Oracle and Wal-Mart to take minority stakes in Tik Tok Global but insists that 4 out of the 5 board members must be US citizens. However, it needs to be remembered that the last say on the matter will be with the Chinese government which has to approve the code and algorithm transfers.

While Wal-Mart is looking at a board seat on Tik Tok Global, Oracle is more specific to Tik Tok data storage and security. Even Wal-Mart will be looking at Tik Tok as an online front to reach out to the trend and upwardly mobile young crowds in the US via Tik Tok.

The biggest roadblock may come from China. Oracle and Wal-Mart may take a combine 20% stake in Tik Tok Global, but Trump is unwilling to encourage 80% Chinese ownership. China will not approve the deal unless ByteDance is the majority owner. That could be the issue.