The move comes after a federal court in Pennsylvania blocked the Trump administration from carrying out the ban, which had been ordered on claims TikTok posed a national security threat.
An app-store ban of TikTok, delayed once by the government, is set to go into effect Sunday.
Oracle and Walmart would pay a combined $12 billion as they take stakes in the short-video app's business to address US security concerns, Bloomberg reports.
US President Donald Trump says the Chinese company will donate $5bn to an educational fund as part of a deal between TikTok's parent company and Oracle.
The US Commerce Department bans downloads of TikTok and WeChat use within the United States as they "threaten national security" amid rising US-China tensions.
ByteDance's TikTok deal with Oracle will need approval from both China and US. However, President Donald Trump is raising questions about the company's plans to keep a majority stake in US operations.
If the transaction happens, Oracle would become ByteDance's technology partner responsible for the management of TikTok's data and take a minority stake in TikTok, according to sources.
The short-form video app's move comes as tensions soar between the world's two biggest economies – US and China. US President Donald Trump has claimed that TikTok could be allowing user data access to the Chinese government.
Feeling the pinch of rising Chinese tech, the Silicon Valley giants become political to stay in the game.
At Berkshire Hathaway Inc's annual shareholder meeting, Buffett credited Apple with developing "extremely sticky" products to which consumers become attached and endorsed Apple's decision to buy back its own stock.
Emirates Team New Zealand claimed international sport's oldest trophy with a stunning 7-1 victory in Bermuda's Great Sound.
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