TikTok America can now breathe a sigh of relief after President Donald Trump approved its deal with Oracle and Walmart.
The deal upended Trump’s order to ban the downloading of the platform’s app from 20 September.
Under the deal announced Saturday, Oracle will have a 12.5 percent stake in TitTok Global and will be its designated “trusted technology provider.”
The news is the latest development in the saga of TikTok, the viral video app which the Trump administration pressured into selling itself to a US-based company amid national security concerns over the app’s ties to China.
But by Saturday evening, Trump announced he had given the Oracle deal his “blessing.”
And that means a green light to continue operating in the US.
In a statement Saturday evening, TikTok confirmed the news and said it was also working with Walmart on a commercial partnership.
“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,” the statement said.
“We will also maintain and expand TikTok Global’s headquarters in the US, while bringing 25,000 jobs across the country.” – Business Insider.