NEW: Trump in talks to have Oracle, US investors take control of TikTok: report

President Donald Trump is reportedly in talks with Oracle and other US investors to have them take control of TikTok. The potential deal comes in light of the Supreme Court upholding a law that would ban the app unless its Chinese-based parent company, ByteDance, divested or sold its portion of the company.

According to NPR, under a new deal that is being negotiated by the Trump administration, ByteDance would remain as a small stakeholder. However, the algorithm, data collection, and other software updates would be overseen by Oracle.

Under the terms, American investors would have the majority stake in TikTok, however the deal is still in flux.

"The goal is for Oracle to effectively monitor and provide oversight with what is going on with TikTok," a source familiar with the talks reportedly told NPR. "ByteDance wouldn't completely go away, but it would minimize Chinese ownership." Oracle is reportedly interested in a stake to an amount in the "tens of billions."

The outlet reported, "Officials from Oracle and the White House held a meeting on Friday about a potential deal, and another meeting has been scheduled for next week, according to the source involved in the discussions."

A congressional staffer involved with the deal spoke to the outlet as well, saying, "A key part is showing there is no operational relationship with ByteDance, that they do not have control. There needs to be no backdoors where China can potentially gain access."

Leading up to the Supreme Court’s decision to allow for the ban going into motion on Jan. 19, there was a push from the president to see to it that TikTok remained available in the US. After assuming the office, Trump signed an executive order intended to give a 75-day extension, allowing for more time to work out a solution.