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Politics Trump gives TikTok deal with Oracle and Walmart his blessing

01:46  20 september  2020
01:46  20 september  2020 Source:   dailymail.co.uk

Oracle, TikTok, and the Trump administration have reportedly 'tentatively' reached a deal. Here's everything we know about the partnership that could save TikTok from Trump's threats of a US ban.

  Oracle, TikTok, and the Trump administration have reportedly 'tentatively' reached a deal. Here's everything we know about the partnership that could save TikTok from Trump's threats of a US ban. Many details of the deal are still unknown, but it appears to satisfy some of the US government's national security concerns while making few changes.Oracle, best known as the leading provider of database software and a $187 billion tech titan in its own right, is the unlikely and unexpected partner the Beijing-based ByteDance has chosen to resolve the matter. But the company emerged as the winner this weekend, after Microsoft confirmed Sunday that its bid for TikTok was turned down.

Donald Trump, Xi Jinping are posing for a picture: MailOnline logo © Provided by Daily Mail MailOnline logo

Donald Trump has approved a deal which will see Oracle lead a coalition to buy TikTok from Chinese company ByteDance.

Last month Trump ordered that ByteDance sell TikTok, or else it would be shut down in the United States.

About 100 million Americans use TikTok and U.S. officials have expressed concern about user data and the potential for China to access that data.

On Saturday, shortly before departing for a campaign rally in North Carolina, the president said he had given the green light to an offer made by California-based Oracle, working in a partnership with Walmart.

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'I have given the deal my blessing,' he said, adding that the agreement 'will have nothing to do with China.'

He continued: 'It'll be totally secure, that's part of the deal.'

Donald Trump wearing a suit and tie: Donald Trump on Saturday announced that he had approved a deal for Oracle to buy TikTok © Provided by Daily Mail Donald Trump on Saturday announced that he had approved a deal for Oracle to buy TikTok a close up of a sign: The Chinese government must now approve the Oracle-led deal for it to proceed © Provided by Daily Mail The Chinese government must now approve the Oracle-led deal for it to proceed

The president said the new company would be headquartered in Texas, would hire as many as 25,000 people and would contribute $5 billion toward U.S. education.

The Chinese government must now sign off on the transaction for it to go forward.

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TikTok confirmed on Monday that it submitted Oracle's proposal to the U.S. government for approval.

On Thursday Trump said his administration had spoken to Walmart and Oracle about TikTok, but at that point there was no agreed deal for the Chinese-owned short video app.

'We're making a decision,' he said on Thursday.

'We spoke today to Walmart, Oracle. I guess Microsoft is still involved.

'We'll make a decision, but nothing much has changed. We'll make a decision soon.'

ByteDance had been racing to clinch a deal with the White House that would stave off a U.S. ban on TikTok that Trump has threatened could happen as early as next week.

Reuters reported on Thursday the new company, dubbed TikTok Global, will have a majority of American directors, a U.S. chief executive and a security expert on the board.

Oracle has agreed to eventually own a 20 per cent stake in the company, according to a Reuters source.

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Walmart's CEO, Doug McMillon will also get a seat on TikTok Global's board, the source said.

Trump said the new TikTok company will be 'totally controlled by Oracle and Walmart.'

Xi Jinping sitting at a desk with a laptop and smiling at the camera: Chinese President Xi Jinping said on Thursday that 'key core technology' must be retained © Provided by Daily Mail Chinese President Xi Jinping said on Thursday that 'key core technology' must be retained

Concern had been mounting that a deal might see China retain some control of the company.

On Thursday sources said the deal would involve TikTok becoming a global company headquartered in America, with Oracle taking responsibility for U.S. operations and user data and ByteDance retaining majority ownership.

Officially, Oracle has only said it is part of a proposal submitted by ByteDance to the U.S. Treasury Department to serve as 'trusted technology provider' to the Chinese company, providing no further details on the terms of the deal.

An outright sale of TikTok's operations or technologies was not included in ByteDance's proposal to the United States, Chinese state media reported on Thursday, citing a separate statement from the company.

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  Trump approves TikTok-Oracle deal, he says US President Donald Trump says he's approved the agreement "in concept," according to a report. The deal would create a company called TikTok Global, and China's government would also need to sign off.The Trump administration has said it's concerned about the TikTok app because the app collects data on its US users and TikTok's parent company, ByteDance -- a Chinese firm -- could be compelled by China's communist government to share that information. TikTok has repeatedly said such concerns are baseless.

Chinese authorities have said they would not allow ByteDance to sell the algorithms used by TikTok, which are believed to hold much of the value for the app.

While a deal is being negotiated, Chinese President Xi Jinping said Thursday that 'innovation is the most important quality of business management, and it is also what we must overcome obstacles to do in the future.'

'Key core technology must be firmly kept in our own hands,' he added, according to China's official Xinhua news agency.

Trump had stressed repeatedly that he was strongly opposed to a deal that allows ByteDance to retain majority control, citing national security concerns over user data.

The terms of the agreed deal have not been made public.

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