Oracle on Monday confirmed that ByteDance has submitted a proposal to the Treasury Department that would designate Oracle as TikTok's "trusted technology partner." More details on the structure of the partnership were not immediately available.
"Oracle has a 40-year track record providing secure, highly performant technology solutions," an Oracle spokeswoman told Protocol.
Treasury Secretary Steve Mnuchin said Monday that the Committee on Foreign Investment in the United States (CFIUS) will be reviewing the ByteDance-Oracle proposal to see if it assuages the U.S. government's national security concerns around TikTok.
Trading of Oracle shares were halted temporarily on Monday ahead of the pending news.