TikTok Ban Canceled as Trump Gives New Oracle & Walmart Deal His Blessing

Oracle-TikTok Deal Gets OK From Trump

Oracle-TikTok Deal Gets OK From Trump

Neither TikTok, ByteDance, nor the White House immediately responded to requests for comment on the new suit.

Friday's lawsuit says Trump and the US Commerce Department "took this extraordinary action of prohibiting a popular communication and information-sharing platform without affording its owners. due process of law, and for political reasons rather than because of any "unusual and extraordinary threat" to the United States", the Journal said in its report, published Saturday.

Approximately a 100 million United States citizens use the Chinese-owned social media app TikTok.

The final valuation had not been set as the parties worked out the equity structure and measures for data security, the person said. "Conceptually it's a great deal for America".

The Chinese government has not signed off on the deal.

The order followed President Donald Trump's executive order signed in August, giving USA businesses 45 days to stop working with the Chinese company, with Sunday (September 20) as the deadline. TikTok had already sued the Trump administration again to prevent the ban, arguing that it violated First Amendment rights and was politically motivated.

What is the proposed deal?

ByteDance, the Beijing-based parent company, is the most valuable private startup in the world at $140 billion, according to market researcher CB Insights. That company would have a majority of American directors, a U.S. chief executive and a security expert on the board.

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TikTok also apparently claims that it had offered alternatives - perhaps a reference to its ongoing negotiations with Oracle - to the president's ban to address US security concerns, only for the Commerce Department to mandate "the destruction of TikTok in the United States". TikTok's data would be stored by Oracle, which would have the right to inspect its source code.

Media captionWhat's going on with TikTok? Redwood Shores, Calif. -based Oracle said it will acquire a 12.5-percent stake in TikTok, though the terms of the acquisition weren't disclosed.

He said the app will hire at least 25 thousand people if the deal follows through.

That includes several hundred thousand Chinese students in the U.S., who use it for daily online conversations.

They use the app to share 15-second videos that often involve lip-synching to songs, comedy routines and unusual editing tricks.

TikTok is an app for uploading and watching short videos, developed by ByteDance. But much of this data collection is similar to other social networks like Facebook.

United States officials had expressed concern that the personal data of as many as 100 million Americans that use the app were being passed on to China's Communist Party government.

TikTok has sued the USA administration to block the order issued on Aug 6, arguing that it is unconstitutional. Australia, which has already banned Huawei and telecom equipment-maker ZTE, is also considering banning TikTok.

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