Pompeo on TikTok: No American will have the risk that their data will end up in the hands of the Chinese Communist Party

Americans' data would stay protected after TikTok's deal with Oracle and Walmart that would make the social video app a U.S.-based company, despite its Chinese-owned parent ByteDance still owning a majority stake in the business, Secretary of State Mike Pompeo said Sunday.

TRUMP SIGNS OFF ON TIKTOK DEAL WITH ORACLE, WALMART

"This deal ... if ultimately approved, will ensure that no American's data has any access to anyone in China that has any capacity to move this to a place we don't want it," Pompeo told "Sunday Morning Futures." "Whether there's still some Chinese ownership where they still collect a royalty check from the benefits of the business of the American headquarters, it will be controlled by Americans in the data."

"Most importantly, the data, the very reason we have gone after TikTok, that data will be in a place that we have confidence that no American will have the risk, that their data will end up in the hands of the Chinese Communist Party," he continued.

Ticker	Security	Last	Change	Change %
ORCL	ORACLE CORP.	114.94	+0.30	+0.27%
WMT	WALMART INC.	59.71	+0.86	+1.46%

He described ByteDance as a "passive shareholder" in TikTok, after President Trump last week gave his blessing to Oracle and Walmart acquiring minority stakes in the app.

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

"No access to the company, no decision-making authority, no ability to peer into what they're doing," Pompeo said. "Just a passive shareholder, and President Trump has made clear, he will make sure that this is solid, that it is locked in. He's not going to leave open the possibility this information will get into the hands of the very people that we went after."

Oracle is expected to take a 12.5% stake in TikTok Global, while Walmart would take 7.5%. ByteDance would control 80% of the company -- 40% of ByteDance is held by American investors.

CLICK HERE TO READ MORE STORIES ON FOX BUSINESS