The President Just Approved A Deal For TikTok. Here’s What We Know.
Ahhhh just a few minutes ago it was announced that President Trump has signed off on a deal for TikTok.
What exactly does that mean? It means, the ban is lifted (for now)!! YAY!
According to reports, there has been an approved a deal between TikTok’s parent company, ByteDance, and Oracle (ORCL), temporarily waiving a ban on TikTok in US app stores.
Earlier this week it was announced that Oracle had won the bid over the TikTok deal for the US operations. However, that deal came to a halt and therefore, a ban was put into place beginning tomorrow, September 20.
But now, we can just forget all of that because a ban isn’t happening for right now!
ByteDance will continue to be majority owner of TikTok under the agreement Trump said he approved.
Speaking to reporters, Trump said he approved the deal “in concept.”
“I have given the deal my blessing,” Trump said. “If they get it done, that’s great. If they don’t, that’s okay, too.”The deal will also include Wal-Mart (WMT), Trump said, adding that “the security will be 100 percent. They’ll be using separate clouds and very, very powerful security.”
Now, I don’t know if any of what he said he actually true but for now, at least TikTok isn’t banned. I mean, for some, it is their income so this is really great news.
The Commerce Department did confirm in a statement Saturday evening that it would delay the ban restrictions on TikTok by one week. So, that would push it out until Sunday, September 27, 2020.
TikTok also confirmed the deal by posting a statement saying:
“As part of this proposal, Oracle will become our trusted technology provider, responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied,” TikTok said. “We are currently working with Walmart 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 US, while bringing 25,000 jobs across the country.”
TikTok
You can read the rest of their statement below.
