The President of United States of America, Donald Trump on Saturday said he has approved a deal between TikTok and Oracle (ORCL) to temporarily remove a ban on TikTok in US.
However, ByteDance will continue to be majority owner of TikTok under the agreement Trump said he approved.
President Trump said he approved the deal “in concept” while speaking to reporters, he said;
“I have given the deal my blessing,” Trump said. “If they get it done, that’s great. If they don’t, that’s okay, too.”
“the security will be 100 percent. They’ll be using separate clouds and very, very powerful security.”
According to Trump, the deal will also include a $5 billion fund for US education. He had previously expressed a desire for the companies to make a payment to the US Treasury, but was surprised when he was told such an arrangement would be illegal.
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ByteDance will continue to be majority owner of TikTok under the agreement Trump said he approved, the person said.
In contrary to Trump’s claim, TikTok said;
“As part of this proposal, Oracle will become our trusted technology provider, responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied.”“We are currently working with Wal-Mart on a commercial partnership as well. Both companies will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company. We will also maintain and expand TikTok Global’s headquarters in the US, while bringing 25,000 jobs across the country.”
Safra Catz. The CEO of Oracle said;
“As a part of this agreement, TikTok will run on the Oracle Cloud and Oracle will become a minority investor in TikTok Global,” said Oracle CEO Safra Catz. “Oracle will quickly deploy, rapidly scale, and operate TikTok systems in the Oracle Cloud.We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world.This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok user community to benefit all stakeholders.”
Walmart also said;
“We are excited about our potential investment in and commercial agreements with TikTok Global,” Wal-Mart said in a statement, adding it will also “enter into commercial agreements to provide our ecommerce, fulfillment, payments and other omnichannel services to TikTok Global.”
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