TIKTOK LIVES! New Oracle, Walmart Deal Gets Trump ‘Blessing’
The U.S. has given tentative approval to a deal that will keep TikTok alive in the country.
“I have given the deal my blessing,” said President Donald Trump. “I approve the deal in concept.”
The US Commerce Department was set to restrict access to TikTok starting Sunday with a ban on new downloads. On Nov. 12th it said it would prohibit any company from offering internet hosting or content delivery networks to TikTok, effectively shutting it down in the country.
The New Deal
Under the new deal, U.S. tech giant Oracle and Walmart will form a new company called TikTok Global, headquartered in the U.S.
This appears to satisfy White House concerns over the security of American user data, even though ByteDance is reported to still hold a majority of the ownership.