Trump blessed ByteDance with Oracle and Walmart, TikTok could continue to work

The US government and President Donald Trump have approved a deal that will allow the TikTok service to operate

in America. Let us remind you that today it was supposed to be removed from the App Store and Google Play, but now this issue has been resolved.

Details of the deal

Parent company ByteDance will create TikTokGlobal, 20% of the shares of which will be received by the American Oracle and Walmart. 7.5% will go to Walmart, 12.5% ​​to Oracle. ByteDance will retain 80%, but since it has American investors, TikTok Global will actually be 53% owned by American companies.

“I blessed this deal. I approve the deal conceptually,” Trump emphasized.

There will be a majority on the TikTok Global boardAmerican directors, and Oracle will host user data on its servers and control the program code. As noted by the US Department of the Treasury, the company will be responsible for key technologies and security to protect all user data in the US.

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 us make it clear that we ourselves first heard about this educational fund from media reports,” says a commentary from company representatives.

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