U.S. to Ban Access to WeChat, TikTok on Sunday

Oracle, Walmart fill in details of investment in TikTok Global

Trump Threatens to Block TikTok Deal if ByteDance Stays in Control

The company said that ByteDance will have no ownership over the new TikTok venture. According to Ross, this order has been issued to "safeguard the national security of the United States".

ByteDance revealed to CGTN last week that the TikTok deal needs approval from both China and US authorities. This is the Act the administration used to justify its ban on TikTok.

"I approved the deal in concept", Trump told reporters Saturday as he left the White House for a campaign rally in Fayetteville, North Carolina. "We are a hundred percent 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", Oracle CEO Safra Catz said in a statement. This is because Douyin, the Chinese equivalent of Tiktok, also owned by ByteDance probably uses the same source code as TikTok, and therefore, the article claims the USA can easily get its eyes on the operations of the Chinese app.

Chinese officials have said ByteDance should not be coerced by the United States into a deal. Under the deal approved by Trump, Walmart and Oracle would hold the remaining 20 percent.

The US is TikTok's second-largest market outside of China following a ban in India, according to analytics platform Sensor Tower, averaging about 7.6 million installs per month from the App Store and Google Play in 2020.

Under the plan, Oracle would acquire a minority stake in a newly formed TikTok that would be headquartered in the US with an independent board approved by the USA government.

Trump told Fox News on Monday that the partnership could create 25,000 jobs in Texas.

On Monday, Chinese tech conglomerate holding ByteDance and American software industry titan Oracle Corp. had been at daggers drawn over a planned TikTok deal as the aforementioned companies, which were expected to follow through an accord with the White House to divest the ByteDance-owned TikTok's USA operation, had issued largely dialectical statements over the terms of the deal that would allow TikTok to continue to operate in the United States, raising doubts over President Trump's preliminary backing of the deal.

That body would be chaired by an American data-security expert who would be the primary contact with the Committee on Foreign Investment in the US, which would oversee any issues of concern to the USA government.

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