Tiktok ban: Everything you need to know

TikTok ban could cost Trump millions of votes, company tells campaign

TikTok ban could cost Trump millions of votes, company tells campaign

President Donald Trump has given his approval "in concept" to a deal being discussed between American companies Oracle and Walmart with China-based company Bytedance for ownership of TikTok.

Speaking to reporters outside the White House before he departed for North Carolina, Mr Trump said the deal will be "totally secure".

It was also stated that China is yet to approve the deal, although regulators are said to have expressed support for any transaction in which BtyeDance still maintains control of its valuable recommendation algorithms and other proprietary technology. "If they don't, that's OK too".

TikTok's interim US leader, Vanessa Pappas, publicly sought help from rival Facebook on Friday, responding to a tweet from Adam Mosseri, the head of Facebook-owned Instagram, after he criticized a TikTok ban as bad for everyone. It is unclear whether ByteDance will remain a majority owner of TikTok, as had been reported earlier this week.

On September 14, Oracle became the favorites to take over the app's operations in the United States, after TikTok parent-company, Bytedance, turned down Microsoft's $30 billion bid.

It's going to be an incredible combination and I said, you know, do me a favour, could you put up 5 billion dollars into a fund for education so we can educate people as to real history of our country?

"They'll be using separate clouds and a lot of very, very powerful security", Trump said of Oracle's proposed plans to establish a new company TikTok Global.

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She said she had failed to get the reassurances she was seeking following a conversation with foreign secretary Dominic Raab .

The US Treasure has said, "Oracle will be responsible for key technology and security responsibilities to protect all USA user data".

Oracle said that all TikTok technology will be in possession of TikTok Global, which will "comply with US laws and privacy regulations".

As noted, save a miracle, TikTok will disappear from app stores in the US from tomorrow, and further provisions from the Department of Commerce ensure it will stop working in the country from November.

TikTok's data would be stored by Oracle, which would have the right to inspect its source code.

The department said WeChat collected "vast swathes of data from users, including network activity, location data, and browsing and search histories".

Both Oracle and Walmart confirmed they were part of the deal.

That document would likely include requirements related to the establishment of the new company, arrangements governing its relationship with ByteDance, whether an IPO is part of the deal, whether ByteDance will have to divest its entire stake in the IPO and what would happen if for some reason the IPO doesn't occur, said Aimen Mir, a lawyer at Freshfields Bruckhaus Deringer LLP and a former deputy assistant secretary for investment security at Treasury. He previously said the federal government should get a portion of the deal for authorizing it. But it could throw a wrench into WeChat's operations and make it hard for the app to keeping running in the U.S.by blocking critical technical services provided by other companies.

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