US government and President Donald Trump approve deal to keep TikTok running
Details of the deal
ByteDance parent company to create TikTokGlobal, 20% of the shares of which will receive the American Oracle and Walmart. 7.5% will go to Walmart, 12.5% - Oracle. ByteDance will retain 80%, but since it has American investors, in fact, TikTok Global will be 53% owned by American companies.
“I have blessed this deal. I approve the deal conceptually, ”Trump said.
TikTok Global Council will have a majorityAmerican directors, and Oracle will host user data on its servers and control the program code. The company will be responsible for key technologies and security to protect all user data in the United States, the US Treasury said.
In addition, Trump said that the parties to the dealagreed to contribute $ 5 billion to the education fund. True, ByteDance first learned about this from journalists. “Let's make it clear that we ourselves first heard about this educational fund from media reports,” the company said in a comment.</ p>