Famous video app TikTok revealed on Saturday that it has proposed an agreement with Oracle as its US technology provider and Walmart as a business partner. The company said in a statement that, "We are pleased that the proposal by Tiktok, Oracle, and Walmart will resolve the security concerns of the U.S. administration and settle the question around TikTok's future in the U.S."
Trump told reporters at the White House South Lawn before departing for North Carolina that, “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 US Department of Commerce declared that it would delay the prohibition of U.S. transactions with TikTok until next Sunday.
TikTok Communications team also shared the latest update. Here is the tweet.
Oracle revealed that it was selected as TikTok's safe cloud provider and will become a minority investor with a 12.5 percent stake. TikTok confirmed the role of Oracle and said it was working on a commercial collaboration with Walmart.
Oracle CEO Safra Catz said in a statement that they are 100% confident in their abilities to provide TikTok with a highly protected environment and to ensure data protection for American TikTok users and users around the world. She further added that, "This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok user community to benefit all stakeholders.”
A Walmart spokesperson said in a statement that, “In addition, we would work towards an initial public offering of the company in the United States within the next year to bring even more ownership to American citizens.”