The Treasury Dept. has reportedly reached a deal for Oracle, Walmart, and other US investors to take a majority stake in TikTok

• The US government has "tentatively agreed" to a deal between Oracle and TikTok parent company ByteDance over TikTok's ownership structure, Bloomberg reported on Thursday.
• According to reports from Bloomberg and Reuters, US investors will have a majority stake in a newly created US-headquartered TikTok. Oracle is expected to claim a 20% stake, with Walmart and ByteDance's US investors involved as well.
• The deal will have to be approved by Donald Trump, as well as the Chinese government, before it's finalized.

Oracle and a slew of US investors are reportedly set to take majority ownership of TikTok in a deal awaiting approval by President Donald Trump.

ByteDance, Oracle, and the Treasury Department have "tentatively agreed" to the terms for Oracle's bid for TikTok, Bloomberg reported on Thursday. The deal will give American investors a majority stake in TikTok, including a 20% stake for Oracle, Reuters also reported.

This is the first time that reports have indicated the deal would see TikTok's Beijing-based parent company, ByteDance, give up its majority stake in TikTok and hand it over to US investors. News of these revised terms comes a day after the Wall Street Journal reported US officials raised concerns about the proposed Oracle bid, and were pushing for American investors to get majority ownership of TikTok.

Although terms of the deal haven't been revealed publicly, Bloomberg reported the Treasury Department sent a revised terms sheet to Oracle on Wednesday. Multiple reports indicate that TikTok will be broken off into a new entity headquartered in the US while representing the app's global business of hundreds of millions of users. Reuters reported on Thursday that US investors would have at least a 60% stake in TikTok — Oracle is expected to take 20% and Walmart and ByteDance's US investors, such as Sequoia Capital and General Atlantic, will fill out the majority. Walmart, which has looked for a way into TikTok ownership for some time, will also have a seat on TikTok Global's board, Reuters reported.

TikTok will also reportedly get a US CEO — a position left vacant after Kevin Mayer resigned just three months into the job. Mayer reportedly left after negotiations hinted TikTok would not be spun out into its own company, leaving the former Disney executive to play second fiddle to ByteDance's leadership in China.

ByteDance and Oracle submitted their bid to the US government earlier this week, in a deal designed to put to bed long-held concerns over TikTok's national-security risks to American users. As the deal was reviewed this week by the Committee on Foreign Investment in the US, government officials scrambled to address last-minute issues over China's access to TikTok users and their data.

Now that CFIUS appears to have signed off on the bid, the proposed deal will need to be approved by President Donald Trump. The Chinese government will also have to sign off before the deal is finalized.