On Saturday, President Donald Trump has affirmed to terminate the TikTok ban in the U.S following a deal that has allowed the American tech-giant, Oracle Corporation to manage and become the data partner for TikTok. Speaking on this matter, Trump says.
I approve the deal in concept… if they get it done that’s OK too if they don’t that’s fine too,” – Trump
Posed as a security threat earlier by White House officials, which led to the quick ban of the globally renowned entertaining app TikTok in the U.S, they finally came with a deal where Oracle would hold a 12.5% stake in TikTok Global to provide a secure cloud service for data. But that is not all to it.
The deal also mentions Walmart to handle the commerce department with a 7.5% purchasing agreement in order to regulate and provide-commerce, fulfilment, payments and other services to this new entity named TikTok Global. Global software major Microsoft also bid to purchase the US business of TikTok but it announced last week that ByteDance choose Oracle over microsoft.
This means that TikTok’s owner, Beijing-based ByteDance Ltd. would hold only 80% ownership over this new entity. But here comes the twist. 40% ByteDance Ltd. is under the U.S. ownership which makes America owning the majority part of this new TikTok Global by itself.
The abrupt ban which took place overnight had shaken off many U.S. youngsters as Tiktom for them had become a home of ‘ entertainment, connection and expression.’ In order to bring back the TikTok Community on its feet with the assurance of a safer domain, Oracle Chief Executive Safra Catz said:
“We are a hundred per cent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world” – Safra Catz
Walmart CEO,Doug McMillon also has spoken on the same:
“In addition, we would work toward an initial public offering of the company in the United States within the next year to bring even more ownership to American citizens,” ….“This partnership will provide Walmart with an important way for us to expand our reach. – Doug McMillon
It has been a great feat following the deal in order to regain the trust of a larger community whose majority part comes from America. And in this endeavour, the trio companies have tried to create an educational initiative where an AI-driven online curriculum will be imparting lessons on a wide range of subjects to the U.S. citizens.
The U.S. seems to be highly satisfied with this new deal and receiving a sum of total of 5 billion dollars by TikTok Global in its treasury. The agreement might ‘result in the creation of 25,000 jobs, mostly in Texas,’ as per Trump’s assumption and for now, all he does is gives the deal his ‘Blessings.’