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US trading giant Walmart also contributed to the deal and a new US company, TikTok Global, will be established.
“I think it will be a fantastic deal. I gave my blessing to the deal. If they can finish it, great, if not, good too,” Trump said.
Information about the deal was soon confirmed by TikTok itself, which is owned by Chinese company ByteDance. The companies were quick to approve the deal as the Trump administration’s ban on American users to download the TikTok app was due to take effect on Sunday.
Under the agreement, Oracle will acquire 12.5 percent. TikTok and Walmart shares 7.5 percent.
According to sources, the remaining shares will belong to ByteDance, but from 40 percent. The shares of this company are owned by American investors, TikTok will eventually be owned by Americans.
“We are pleased that the offer from TikTok, Oracle and Walmart addresses the security concerns of the US administration and answers questions about the future of TikTok in the United States,” a TikTok spokeswoman told AFP.
ByteDance has also confirmed this information, and the companies say they will sign an agreement as soon as possible that “complies with the laws of the United States and China.”
If the deal goes into effect, it could provide a boost to slow the escalation of the tech war between Washington and Beijing.
The deal would also allow Americans to continue using the hugely popular social network. The United States Department of Commerce has announced “positive news” postponing the ban on downloading the TikTok app until September 27.
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