ByteDance will place TikTok’s global business to a new US-based company, with Oracle as a minority shareholder, the Financial Times reported.

ByteDance said people briefed on a plan presented to US officials to avoid a ban of the popular video app by President Donald Trump.

Oracle will reportedly have a stake in TikTok’s global operations and not just the US business. Other US investors, potentially including the world’s largest retailer Walmart, which had launched a joint bid with Microsoft, would own a minority stake.

In an interview with CNBC on Monday, Steven Mnuchin, Treasury secretary, said ByteDance had committed to “create TikTok Global as a US-headquartered company”.