Oracle-TikTok Deal Gets OK From Trump

We Chat is seen among U.S. flags in this illustration

We Chat is seen among U.S. flags in this illustration

Speaking to reporters, Trump said he approved the deal "in concept".

They added that if Walmart negotiates having a stake, its chief executive Doug McMillon will get a seat on the company's board.

The US Department of Commerce on Saturday announced it was postponing the ban on TikTok downloads until September 27, due to "recent positive developments".

Oracle and Walmart will be given the chance to take a total stake of up to 20 percent in TikTok prior to an initial public offering by the company, TikTok said.

According to a source close to the matter, ByteDance would keep the rest of the shares.

As for the status of TikTok's lawsuit, ahead of Saturday's revelations, the company was gearing up for a fight against the Sunday ban.

The valuation for TikTok has been a looming question as Washington and Beijing escalated their rhetoric over the negotiations.

"In our proposal to the US Administration, we've already committed to unprecedented levels of additional transparency and accountability well beyond what other apps are willing to do, including third-party audits, verification of code security, and US government oversight of US data security", a TikTok spokesperson said. That company would have a majority of American directors, a United States chief executive and a security expert on the board.

ByteDance, ever since the US President imposed sweeping bans on US transactions on the company, has been working feverishly in carving out a deal that would allow the China-based company to hold a minority stake in TikTok's US business while addressing the concerns raised by the Trump administration over the app posing a security threat to the US people.

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A United States federal judge has approved a request from a group of WeChat users to delay looming U.S. government restrictions that would effectively make the popular app almost impossible to use in the country.

Trump said the "security will be 100 percent" and that the companies would use separate cloud servers.

The news release includes a quote from Ellison that takes a swipe at Oracle's larger cloud rivals, saying that "TikTok picked Oracle's new Generation 2 Cloud infrastructure because it's much faster, more reliable, and more secure than the first-generation technology now offered by all the other major cloud providers".

But Mr Trump insisted that the new deal will provide Americans with security. At the same time, a California judge struck down Trump's ban on Chinese-owned messaging app WeChat.

In early August, he gave ByteDance until September 20 to hand over TikTok's United States operations to an American company.

Specific evidence about WeChat posing a national security threat was also "modest", according to Judge Beeler.

US officials had expressed concern that the personal data of as many as 100 million American users were being passed on to the Chinese government.

ByteDance has not yet commented on the proposed TikTok deal, which would need further approval by the Chinese government.

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