U.S. President Donald Trump's administration is chalking out a plan to save popular short-form video hosting service TikTok which involves Oracle (NYSE:ORCL) and a group of outside investors, NPR reported on Saturday,

The Trump administration is negotiating a plan to save TikTok by involving Oracle (NYSE:ORCL) and U.S. investors to oversee the apps global operations, according to NPR. ByteDance, TikToks China-based parent company,

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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 global operations,

A memo from the White House's Office of Personnel Management criticized "virtually unrestricted" telework and laid out next steps for agency heads.

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The effort was described as a $500 billion investment in artificial intelligence. Read how a small Texas city with a population of about 130,000 fits into the plans.

The aim is to place oversight control in the hands of American software company Oracle and other investors. Under federal law, TikTok must split apart from China, or face a nationwide ban.