Trump approves TikTok deal with Oracle

The U.S. President has given his approval to a deal that would see TikTok for a common company with Oracle and Walmart.

Stan Choe reported the news for the AP:

President Donald Trump said Saturday he’s given his “blessing” to a proposed deal that would see the popular video-sharing app TikTok partner with Oracle and Walmart and form a U.S. company.

Trump has targeted Chinese-owned TikTok for national security and data privacy concerns in the latest flashpoint in the rising tensions between Washington and Beijing. The president’s support for a deal comes just a day after the Commerce Department announced restrictions that if put in place could eventually make it nearly impossible for TikTok’s legions of younger fans to use the app.

UPI’s Allen Cone wrote:

On Saturday night, President Donald Trump told reporters outside the White House before leaving for a campaign rally in North Carolina: “I have given the deal my blessing. If they get it done, that’s great. If they don’t, that’s OK, too.” Trump also said “security will be 100 percent” and the deal will include a $5 billion fund for U.S. education.

The Commerce Department later confirmed that it would delay by one week the restrictions, including WeChat, in the United States by Trump in an executive order.

Meanwhile, AFP reported:

TikTok Global plans to hold a public listing, its Chinese parent company ByteDance said Monday, after announcing a deal over the weekend that would avert a shutdown of the popular app in the US.

The agreement, which has been approved by Donald Trump, sees Silicon Valley giant Oracle become the data partner for the video-sharing platform while Walmart becomes a commercial partner, creating a new US company called TikTok Global.