U.S. President Donald Trump had approved a deal Oracle (ORCL) and ByteDance, the parent company of TikTok.
Just after banning the Chinese apps, which were a significant threat to the security of the nation because they have Chinese owners.
The statement came out on Saturday Evening by the department of Commerce on September 19, lindaikejisblog write about the report that, “it would delay an order to remove TikTok from Apple and Google’s U.S. app stores to September 27, giving the companies more time to finalise the details of the deal.”
According to a person who is well familiar with the matter, ByteDance will be continuing to keep the majority of ownership of TikTok, by the agreement which was Said by the Trump that he is approved.
While speaking with reporter’s Trump said, “I have given the deal my blessing. If they get it done, that’s great. If they don’t, that’s okay, too.”
Trump completed by adding, “the security will be 100 percent. They’ll be using separate clouds and very, very powerful security.”
He added, “They’re going to be setting up a very large fund. That’s their contribution that I’ve been asking for.”
“As part of this proposal, Oracle will become our trusted technology provider, responsible for hosting all U.S. user data and securing associated computer systems to ensure U.S. national security requirements are fully satisfied,” said TikTok.
“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 U.S., while bringing 25,000 jobs across the country.”