Donald Trump allows TikTok to continue in United States after Walmart partnership

Oracle, Walmart fill in details of investment in TikTok Global

The new entity would have a separate board, on which Walmart would control one seat, the sources said.

The Commerce Department noted that the "threats posed" by WeChat and TikTok are "not identical, they are similar", because "each collects vast swaths of data from users, including network activity, location data, and browsing and search histories", alleging that each of the platforms is an "active participant in China's civil-military fusion and is subject to mandatory cooperation with the intelligence services of the CCP".

According to the Global Times article, the idea of complete American control of TikTok did not strike a chord with the Chinese authorities.

ByteDance says it will also keep control of TikTok's algorithm.

ByteDance and Oracle representatives didn't immediately respond to requests for comment.

TikTok have confirmed their plans for the future following Trump's pressure on the app's place in the United States.

.

China's ByteDance Ltd.is seeking a valuation of $60 billion for TikTok as Oracle Corp. and Walmart Inc. take stakes in the short-video app's business to address USA security concerns, according to a person familiar with the matter.

"TikTok is moving along", Trump announced on Saturday. That has been reported, but it has not been told to me yet.

"I approved the deal in concept", Trump told reporters Saturday as he left the White House for a campaign rally in Fayetteville, North Carolina. He added that would be briefed on the deal and consider it on Thursday.

Notably, this news also arrives slightly after the US President, Donald Trump, stated that he might not sign off on the TikTok-Oracle deal, especially if an American company did not have a majority share in TikTok.

Meanwhile, US national security adviser Robert O'Brien on Friday defended Trump's decision to ban Chinese apps, saying the country has been "incredibly aggressive" against its neighbouring countries, including India.

Meadows said the administration is still looking at details of the deal and whether it meets national security thresholds, referring to plans by China's ByteDance to keep a majority stake in the US operations of the popular social media platform.

The proposal calls for Oracle Corp to become a "trusted technology provider" for TikTok's USA operations.

" Apart from that, reemphasizing the requirements of a flawless safety blanket for the U.S. nationals, Trump said to the reporters late on Monday before departing the White House, "If we can save (TikTok), we will save it, and if we can't we will cut it off". The U.S. software giant has given reassurances it can protect TikTok user data from foreign influence.

President Trump further stated recently that the Treasury could not receive any payment in exchange for the US signing off on the deal which surprised him.

ByteDance seems to have not completely and publicly given up its ownership, said a report from The Verge.

Last month, China updated its export control rules to give it a say over the transfer of technology, such as TikTok's recommendation algorithm, to a foreign buyer, making a full sale even more hard.

Any deal needs to be approved by both Trump - who could still reject the transaction - and the Chinese government, where officials have accused the USA of "economic bullying".

Related:

Comments


Other news