Government Will Quash Oracle's TikTok Deal if Security Requirements Not Met

Treasury Secretary Steven Mnuchin said Wednesday that the government will shut down the TikTok app if its presumptive lead strategic investor, Oracle (NYSE: ORCL), does not enact stricter standards for the video-sharing app's security. One of the key demands from the government is that the code for the app be held within our borders. Under pressure from U.S. authorities to divest TikTok, the app's owner -- China-based ByteDance -- reached a deal earlier this month for Oracle to buy a 12.5% stake in the business.