Friday 27 May 2022
- Advertisement -

Trump averts TikTok ban in US with his ‘blessing’ for Oracle deal

Oracle and Walmart will acquire 12.5% and 7.5% respectively in a new company, which will be incorporated possibly in Texas and will be called TikTok Global

President Donald Trump averted a on downloads and upgrades for American users of that was scheduled to go into effect on 20 September, saying he has given his “blessing” to a tentative deal in which US companies Oracle and Walmart will acquire a minority stake in the Chinese -sharing app.

“I can say that I have given the deal my blessing,” Trump told reporters announcing the deal, adding that he had “approved the deal in concept”.

Oracle and Walmart will acquire 12.5% and 7.5% respectively in a new company, which will be incorporated possibly in Texas and will be called Global. ByteDance, the Chinese parent company will continue, to hold a stake in the new entity.

But Oracle and Walmart said in a joint statement that the new entity will be majority-owned by American investors. Four American companies already own 60% of ByteDance.

Global will be an independent American company, headquartered in the US, with four Americans out of the five-member Board of Directors, the companies added in their statement.

The new entity will create more than 25,000 new jobs in the US and will pay more than $5 billion in new tax dollars to the US treasury, which, Trump said, will go towards funding education.

“We’re going to be setting up a very large fund toward the education of American youth.”

said it was “pleased” to confirm a deal had been reached to resolve the Trump administration’s “security concerns and settles questions around TikTok’s future in the US.”

TikTok faced a ban on new downloads and upgrades for American users from 20 September night, along with WeChat, another Chinese social media app. The restriction on were extended by the commerce department, but the on downloads of WeChat and financial transactions will go into effect as scheduled.

The Trump administration has said these Chinese companies pose a national security threat for the US.

It argued that the Chinese government has access to data collected on American users and could use them to potentially “track the locations of federal employees and contractors, build dossiers of personal information for blackmail, and conduct corporate espionage”.

With the new entity, data on Americans will be stored locally.

“All the technology will be in possession of TikTok Global, and comply with US laws and privacy regulations. Data privacy for 100 million American users will be quickly established by moving all American data to Oracle’s Generation 2 Cloud data centres, the most secure cloud data centres in the world,” Oracle and Walmart said in their joint statement.

Contribute to our cause

Contribute to the nation's cause

Sirf News needs to recruit journalists in large numbers to increase the volume of its reports and articles to at least 100 a day, which will make us mainstream, which is necessary to challenge the anti-India discourse by established media houses. Besides there are monthly liabilities like the subscription fees of news agencies, the cost of a dedicated server, office maintenance, marketing expenses, etc. Donation is our only source of income. Please serve the cause of the nation by donating generously.

Join Sirf News on

and/or

Similar Articles

Comments

Scan to donate

Swadharma QR Code
Advertisment
Sirf News Facebook Page QR Code
Facebook page of Sirf News: Scan to like and follow

Most Popular

[prisna-google-website-translator]
%d bloggers like this: