Last updated on December 8th, 2022 at 02:28 pm
Service can avoid last-minute US lockdown
US President Donald Trump has announced to reporters his approval of the concept of a deal between the controversial TikTok service and Oracle with Walmart.
Trump approves TikTok deal with Oracle
Oracle and Walmart will acquire a 20% stake in a new company called TikTok Global, which will be responsible for the popular video service in the US and for “most users” in the international market, according to a statement released by Oracle and Walmart.
Oracle will become a “secure cloud provider” of TikTok, the data of 100 million US TikTok users will be moved to the company’s servers. Walmart will take over e-commerce and advertising technology.
The Oracle statement also notes that TikTok Global will create more than 25,000 US jobs, and will pay more than $ 5 billion in “tax” dollars to the US Treasury Department.
At the end of the week, the US Department of Commerce announced that the TikTok and WeChat apps will be blocked from US app stores, including Google Play and the App Store, from Sunday, September 20.
