President Trump is in talks with several parties about buying TikTok and expects to make a decision within 30 days.
Speaking to reporters, he expressed strong interest in the platform.
According to reports, the White House is working on a plan in which Oracle and investors will control TikTok's operations.
TikTok's parent company, ByteDance, will retain a stake, while Oracle will handle data security and software updates.
Trump clarified that he has not spoken to Oracle's Larry Ellison about the purchase.
Investors such as Susquehanna International Group, General Atlantic, KKR, and Sequoia Capital are involved, while bids from Frank McCourt and popular YouTuber Mr. Beast are not involved in the talks with Oracle.
TikTok has been blocked in the US due to security concerns, but Trump has postponed the ban so that the app can remain operational again.
The talks are expected to take time as another meeting is scheduled between Oracle and the White House.
However, TikTok has always insisted that US user data is securely stored on Oracle's servers.
