Trump Approves TikTok Deal With Oracle & Walmart

21 September 2020

    Trump has approved the TikTok deal with Oracle and Walmart Saturday, which means the app will continue its US operations.


    “I have given the deal my blessing — if they get it done that’s great, if they don’t that’s okay too. I approved the deal in concept”, the US president commented.


    When it comes to shares, Oracle announced shortly after the approval that it was chosen as TikTok’s secure cloud provider and will own a 12.5% stake. Walmart, in turn, said it has agreed to purchase a 7.5% stake, and CEO Doug McMillon will become one of the five board members of the new company. Additionally, Walmart said it will be working on an initial public offering of the company in the US within next year to grant even more ownership to American citizens.


    Both companies will also make a $5 billion contribution to education. Oracle and Walmart said that the global TikTok business will pay over $5 billion in new taxes to the US Treasury Department, and the companies will build online videos to teach children about history, science and other subjects.


    TikTok’s parent company - Bytedance will own the remaining 80% of TikTok, but since 40% of Bytedance belongs to US venture capitalists - one could say that TikTok Global is now mainly owned by the US. 

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