Oracle, Walmart rescue TikTok in US with Trump’s ‘blessing’

| | San Francisco
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Oracle, Walmart rescue TikTok in US with Trump’s ‘blessing’

Monday, 21 September 2020 | IANS | San Francisco

In a surprise move, Oracle and Walmart have come together to save TikTok from the ban, forming a new company called TikTok Global which will be headquartered in the US. President Donald Trump said he has given the deal his blessing.

Trump on Saturday announced that China-based ByteDance which is the parent company of TikTok has received tentative approval for an agreement with the US government to resolve the outstanding issues, which will now include Oracle and Walmart together investing to acquire 20 per cent of the newly-formed TikTok Global business. Oracle announced it was chosen as TikTok’s secure cloud provider and will become a minority investor with a 12.5 per cent stake.

Walmart said it has tentatively agreed to a purchase 7.5 per cent stake in TikTok and its CEO Doug McMillon would serve as one of the five board members of the newly-created company.

The parent company ByteDance will own the remaining 80 per cent of TikTok.

“TikTok Global will be majority owned by American investors, including Oracle and Walmart. TikTok Global will be an independent American company, headquartered in the US, with four Americans out of the five member Board of Directors,” Walmart and Oracle said in a joint statement.

Talking to reporters, Trump said: “I have given the deal my blessing. I approve the deal in concept”.

“It will have nothing to do with China, it’ll be totally secure, that’ll be part of the deal. The security will be 100 per cent. They’ll be using separate clouds and a lot of very, very powerful security”. All the TikTok technology will be in possession of TikTok Global, and comply with US laws and privacy regulations.

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