GUANGZHOU, China — ByteDance will not transfer algorithms and technologies to Oracle as part of a deal announced over the weekend to keep social media app TikTok operating in the U.S.
President Donald Trump said he approved a deal on Saturday that will see the creation of a U.S.-headquartered firm called TikTok Global with Oracle and Walmart taking minority stakes. Oracle will become TikTok's secure cloud provider and host U.S. user data.
But the deal does not entail any transfer of algorithms and technologies, according to a statement from ByteDance on Monday. The company said Oracle can instead check the source code.
"The current plan does not involve the transfer of any algorithms and technologies. Oracle has the authority to check the source code of TikTok USA," ByteDance's statement said.