TikTok Ban Averted: Trump Gives Oracle-Walmart Deal His ‘Blessing’
Source: New York Times
President Trump said on Saturday that he had approved a deal between the Chinese-owned social media app TikTok and major American companies, an agreement that will delay the U.S. government’s threat to block the popular app in the United States over national security concerns.
“Threatening TikTok has been the most prominent step so far in a U.S. trajectory toward technology decoupling” with China, said Paul Gallant, an analyst at Cowen and Company.
In a statement Saturday, TikTok said that Oracle and Walmart together would take up to a 20 percent stake in the new company, which will retain the TikTok name.
In a statement, Safra Catz, Oracle’s chief executive, said the company was “100 percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world.”
Full Story @ New York Times
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