TikTok's Chinese-owned parent company ByteDance is reportedly planning to hold an initial public offering in the U.S. if President Donald Trump approves a deal with Oracle. The move hopes to avert Trump's ban of the popular app set to take effect next week.

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U.S.-based TikTok employees should still get paid if President Donald Trump's executive order to ban "transactions" with the company goes into effect next week, the Justice Department said in a court filing on Monday.

The concession is in response to a lawsuit filed last month by TikTok technical program manager Patrick S. Ryan in the U.S. District Court of the Northern District of California accusing Trump of violating his constitutional rights and defaming and disgracing U.S.-based TikTok Inc. employees by painting them as working for the Chinese Communist Party.

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See our timeline below for key developments TikTok's story over the last eight years, starting with the founding of ByteDance and moving through the app's rise to popularity and the mounting concerns about data privacy and security.

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