The president said Saturday Trump he approved Oracle's acquisition of TikTok to allow the app to continue in the U.S. He also said U.S. concerns about TikTok national security have been addressed.
Trump said the deal would also include Wal-Mart. as reported earlier this week, it is unclear whether TikTok parent company byte beat will continue to hold a majority stake in TikTok. Trump said the TikTok would be "fully controlled" by oracle and walmart.
Trump also said TikTok's headquarters will be in Texas, will bring 25000 jobs in the future, and will contribute $5 billion to American education.
this result may elevate oracle as a company capable of handling challenging computational workloads and help resolve geopolitical disputes between the us and china.
The new company will be named TikTok Global, it will be the result of a deal forced by Trump last month, according to u.s. financial minister nuchin, because chinese company byte beat limited (ByteDance Ltd.)'s ownership of the TikTok raises national security concerns.
China's government must now sign the deal to move forward.
TikTok and oracle said monday that TikTok chinese owner byte beat had submitted a proposal to the treasury last weekend. According to reports this week, negotiations have stalled on specific details of the deal, including ownership of oracle and byte jumps, and control of recommended algorithms TikTok use to promote specific materials.
Oracle CEO Safra Katz is a member of Trump president's transition team, and Oracle chairman Larry Ellison organized a fundraising event for Trump earlier this year.
Oracle has provided cloud infrastructure for customers such as online video services 8×8 and Zoom, although Amazon, Microsoft and others received more cloud revenue in 2019 than Oracle, according to estimates Gartner industry research companies.
Microsoft sought to acquire TikTok operations in the u.s., canada, australia and new zealand, working with walmart as a partner, but byte beat said on sunday it had decided not to do the deal.
