The administration contends that the user data collected by the two apps could be shared with the Chinese government. He’s also been targeting WeChat, another Chinese-owned app. administration and settle questions around TikTok’s future in the U.S.,” TikTok said in a statement. “We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the U.S. Walmart said it will provide its ecommerce, fulfillment, payments and other services to the new company. national security requirements are satisfied. user data and securing computer systems to ensure U.S. The deal will make Oracle responsible for hosting all TikTok’s U.S. Oracle’s stake would be 12.5%, and Walmart’s would be 7.5%, the companies said in separate statements. TikTok said Oracle and Walmart could acquire up to a cumulative 20% stake in the new company in a financing round to be held before an initial public offering of stock, which Walmart said could happen within the next year. “That’s their contribution that I’ve been asking for,” he said. Trump said the new company will be hiring at least 25,000 people and making a $5 billion contribution to a fund dedicated to education for Americans. “I have given the deal my blessing,” he said.
Trump said if completed the deal would create a new company likely to be based in Texas.
The president’s support for a deal comes just a day after the Commerce Department announced restrictions that if put in place could eventually make it nearly impossible for TikTok’s legions of younger fans to use the app. Trump has targeted Chinese-owned TikTok for national security and data privacy concerns in the latest flashpoint in the rising tensions between Washington and Beijing.
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