President Trump has approved a deal that would create a partnership between the Chinese app TikTok and Oracle and Walmart to manage TikTok’s operation in America. TikTok’s Chinese parent, ByteDance, will own a majority share of the company and maintain ownership of TikTok’s all-important algorithms.
CNBC reports that President Trump recently approved a deal in which Oracle and Walmart will partner with the popular Chinese-owned video-sharing app TikTok in the United States, allowing the app to continue to operate within the country.
Speaking to reporters on the White House South Lawn before departing for North Carolina, President Trump stated: “I have given the deal my blessing — if they get it done that’s great, if they don’t that’s okay too. I approved the deal in concept.”
The U.S. Department of Commerce announced that it would delay the prohibition of U.S. transactions with TikTok until next Sunday as the deal is officially reviewed and approved. Before President Trump’s comments, Oracle announced that it was chosen as TikTok’s secure cloud provider and will become a minority investor in the company with a 12.5 percent stake.