Oracle would reportedly control TikTok's data collection, algorithm, and software updates, but Chinese owner ByteDance would maintain a minority stake.

By Dawn Chmielewski, Kanishka Singh and Milana Vinn NEW YORK/WASHINGTON (Reuters) -The administration of U.S. President Donald Trump is working on a plan to save TikTok that involves tapping software company Oracle and a group of outside investors to effectively take control of the app's operations,

The White House on Saturday called TikTok’s statement warning that it will “go dark” on Sunday unless President Biden steps in a “stunt,” arguing the app doesn’t have to take action before President-elect Trump is sworn in.

"TikTok should remain available to Americans, but simply under American ownership or other ownership that addresses the national security concerns identified by Congress in developing this law," the White House said in a statement.

ByteDance’s valuation of TikTok at an impressive $200 billion presents a considerable challenge for potential buyers.

The Trump administration is working with Oracle and investors like Microsoft to save TikTok, allowing ByteDance to keep a minority stake. Meetings are ongoing to finalize the deal, with a potential $200 billion price tag and oversight by Oracle to reduce Chinese ownership.