If the US government approves the deal, TikTok would become a global company with headquarters in the United States, the person said, while Oracle will host TikTok's user data and review TikTok's code for security.
Walmart may still have a role to play in the deal as a possible minority investor and e-commerce partner, the person said, but no final decision has been made.
Under the proposal, the US government would approve members of TikTok's board; one board member is to be an expert in data security and would hold a top-secret security clearance, according to the person. That appointee would also be responsible for chairing a security committee whose members would be US citizens individually approved by the US government, the person said.
"Conceptually, I can tell you I don't like that," he said. "If that's the case, I'm not going to be happy with that." The deal must still be approved by Trump, who is expected to receive a briefing on the details Thursday.
Trump's cabinet officials were briefed on the deal Wednesday, the person said. Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and Attorney General William Barr appeared to be supportive of the proposal, according to the person, while Secretary of State Mike Pompeo was described as "neutral" on the deal and requested more details on how TikTok data would be protected. Pompeo later expressed his support for the deal to Trump in a meeting on Thursday, the person said.
Meanwhile a raft of lawmakers have weighed in on the proposal, with Sen. Josh Hawley - a vocal critic of TikTok remaining under ByteDance's control - urging that it be rejected.
Sen. Marco Rubio said Thursday he had received a briefing on the deal from Oracle and the Treasury Department, calling it "informative."
