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Politics Trump says he's given his 'blessing' to a proposed TikTok deal with Oracle and Walmart

02:25  20 september  2020
02:25  20 september  2020 Source:   businessinsider.com

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 wearing a suit and tie: President Donald Trump speaks to the media on the South Lawn of the White House in Washington, before his departure on campaign travel to Fayetteville, North Carolina, U.S., September 19, 2020. Reuters/Yuri Gripas © Reuters/Yuri Gripas President Donald Trump speaks to the media on the South Lawn of the White House in Washington, before his departure on campaign travel to Fayetteville, North Carolina, U.S., September 19, 2020. Reuters/Yuri Gripas
  • President Donald Trump said Saturday he had approved "in concept" a deal between Oracle and Walmart for TikTok's US operations.
  • The details of the deal remain hazy, but Trump said he believed the deal had addressed his national security concerns.
  • "I have given the deal my blessing," Trump told reporters. "If they get it done that's great, if they don't that's fine too."
  • Visit Business Insider's homepage for more stories.

President Donald Trump said Saturday he "approves a deal in concept" that will allow TikTok to continue to operate in the United States under a deal with Oracle and Walmart.

Kevin Systrom probably won’t take over TikTok, but it’s fun to dream

  Kevin Systrom probably won’t take over TikTok, but it’s fun to dream Instagram’s former CEO reportedly held preliminary talks to become TikTok’s CEOLet’s take a look at the latest.

"I have given the deal my blessing," Trump told reporters at the White House. "If they get it done that's great, if they don't that's fine too."

He added that he believed the deal had addressed US national security concerns. In August, Trump signed an executive order accusing the app of harming the country's national security and demanding it be sold to a US company or have its American operations shut down.

The US Department of Commerce announced Friday that as of September 20, new TikTok downloads and software updates would be banned, and the app would be banned completely on November 12 unless a deal was reached.

Some of the details of the Oracle deal remain hazy, and the deal has not yet been signed, but the Commerce Department said its actions on TikTok could be averted if a deal is reached that addresses the Trump administration's national security concerns.

What we know about Trump’s ‘ban’ on TikTok and WeChat

  What we know about Trump’s ‘ban’ on TikTok and WeChat When the Department of Commerce said Friday that it would soon bar all new downloads of WeChat and TikTok from US App Stores, it marked the latest escalation in the weeks-long saga over TikTok’s future in America. The drama has been playing out since early August, when Donald Trump first said he intended to ban the app if it didn’t sell its US operation to an American company. But there are still many unanswered questions and a total ban of the app is far from guaranteed. Here’s what we know about where things stand — for now. A U.S. flag is seen on a smartphone in front of displayed Tik Tok and WeChat logos in this illustration taken September 18, 2020.

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

"The security will be 100%," Trump told reporters. "Conceptually it's a great deal for America."

The new company, dubbed TikTok Global, will have a majority of American directors, a US chief executive and a security expert on the board.

Oracle has agreed to eventually own a 20% stake in the company, according to a source. If Walmart also successfully negotiates acquiring a stake, its CEO, Doug McMillon, would 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."

Read the original article on Business Insider

China Accuses U.S. Of 'Shamelessly Robbing' TikTok and Warns It Is 'Prepared to Fight' .
"This is blunt bullying. It's a robbery of Chinese company's achievements under the guise of security," the editorial by state mouthpiece, the Global Times, said.Reacting to the news that a federal judge granted a preliminary injunction to TikTok and its parent company ByteDance on Sunday, saving it from being booted from mobile app stores in the U.S., the Global Times criticized the Trump administration.

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