The trading department sets a deadline for app stores to remove TikTok from September 20-27.
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This story originally appeared on PCMag
- Oracle announced on Saturday that it requires a 12.5% stake in TikTok Global and that the application will run on the Oracle Cloud.
- Walmart agreed to “tentatively buy” 7.5% of TikTok Global.
TikTok fans have at least an additional week to download the app in the US.
oracle said on Saturday that it will take a stake of 12.5% TikTok Global, and the application will run Oracle Cloud. “We are one hundred percent confident that we can provide a highly secure environment for this application and ensure privacy for users in the US and worldwide,” said Safra Catz, CEO of Oracle, in a statement.
Oracle will “be responsible for hosting all US user data and protecting its computer systems to ensure that US national security requirements are fully met,” TikTok said.
The Chinese platform also comments that it is “working in a trading partnership with Walmart,” which Walmart said will help grow third-party market, fulfillment and advertising businesses. The retail company has also agreed to “tentatively buy” 7.5% of TikTok Global, while its CEO, Doug McMillon, will be one of five members of the TikTok Global board of directors.
Photo: Jakub Porzycki / NurPhoto via Getty Images via Engadget
The Commerce Department says the news is a “positive” development so US app stores will not be required to remove TikTok until September 27. The deadline was before September 20th. Apparently, when the Oracle-Walmart deal gets final approval, it won’t be scrapped at all.
During a conference in North Carolina, President Trump said he had given the deal “preliminary approval”. The Treasury Department says it is “subject to a closure with Oracle-Walmart and the documentation and terms required to be approved by CFIUS, the US foreign investment committee.”
At the rally, Trump called Oracle-Walmart “an incredible combination” and said he had requested $ 5 billion for an “education” fund so we can educate people about it [la] true history of our country; the real story, not the wrong story … “
“My only problem is that they did it so quickly that I should have asked for more,” Trump said. The finance department did not immediately respond to a request for comment on the fund.
Trump made this request when Microsoft He was still on the run and compared it to a landlord-tenant relationship. “I said that a very substantial part of this award has to go to the US Treasury. Because we make it possible for this agreement to come about, “commented the President last month.
Photo: Via PC Mag
However, during a press conference on Wednesday, Trump said White House lawyers had told him it was not possible. “Surprisingly, I find that we are not allowed to … there is no legal way to do this. [Pero] We’re investigating this now. “
In a video message, Vanessa Pappas, acting director of TikTok, thanked users for sticking to the app over the past few weeks. “We’re here for the long term,” he says.
ByteDance of China, which owns TikTok, has attempted to sell the popular video sharing app as Trump threatened to ban the product in the US amid fears that a China-based company might be able to access data from it the Internet has users from the American country.