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Image source,EPA
Trump gave the green light to the cooperation agreement between TikTok and US companies.
The US government originally ordered the removal of the Chinese mobile apps WeChat and TikTok from the US App Store effective Sunday (September 20), but the US Department of Commerce stated that the deadline was postponed for a week to September 27 due to “recent positive developments.” .
US President Trump previously imposed a ban on national security grounds. As of Sunday, September 20, the WeChat and TikTok ban will take effect. However, on Saturday he expressed support for TikTok’s plan for cooperation with US companies Oracle and Walmart. .
The US security department was concerned that TikTok would share data with the Chinese government, but TikTok’s parent company Bytedance has always denied that it shares data with the CCP.
Bytedance confirmed the agreement on social media, stating that the three companies will reach an agreement as soon as possible in accordance with Chinese and US laws. Vanessa Pappas, TikTok’s executive director of transition, stated in a video post on social media on Saturday that “TikTok will remain in the United States.”
Hu Xijin, editor-in-chief of the Chinese state media Global Times, said that while the plan remained unfair, it avoided the worst outcome of shutting down TikTok or selling it entirely to US companies.
China’s Ministry of Commerce issued the “Regulation on the List of Untrustworthy Entities” on the 19th, which was seen as retaliation for recent US actions against Chinese companies. China’s Ministry of Commerce stated on the 20th that the relevant regulations are not directed at specific entities, and there is no pre-set schedule or list of companies at the moment. He once again called for cooperation to be the only correct option between China and the United States.
BBC North America science and technology reporter James Clayton (James Clayton) analyzed that this agreement was not the most desired plan by Trump, but seemed satisfied with his security arrangements. The agreement included 5 billion funds for education and creation. There are 25,000 positions, but the agreement has not yet been completed and still needs to be approved by the Chinese government, there is no guarantee that it will be implemented as planned.
Image source,fake images
“Blessings”
TikTok is discussing cooperation plans with Oracle and Wal-Mart. The holdings of US investors are expected to be approved by the US government to allow TikTok to continue operating in the US.
When Trump left the White House on Saturday to meet with reporters in North Carolina, he said that this agreement will ensure the security of the data of about 100 million American users and said that “security will be 100%.”
“I have expressed my blessing to this transaction,” he said, “I have approved the transaction in theory.”
TikTok will be owned by a new company called TikTok Global, and Trump said its headquarters may be located in Texas.
Oracle and Wal-Mart will own 12.5% and 7.5% of the service rights of TikTok Global, respectively. Oracle will be responsible for storing US user data in the cloud in accordance with US national security regulations, and Wal-Mart will be responsible for providing online sales, order management, and customer services. payment. Oracle and Walmart said in a joint statement that TikTok Global “will pay more than $ 5 billion in new taxes to the US Treasury.”
Since the American company TikTok has offices in Los Angeles, California, the program is also called “California in the Cloud.”
Reuters quoted a source who discussed the content of the deal as saying that Oracle and Wal-Mart said that the majority of TikTok Global will be in the hands of US investors. The two companies together have a 20% stake and Bytedance owns 80% of TikTok Global. But US investors currently represent around 40% of Bytedance’s share capital, so according to the general calculation, around 53% of TikTok Global’s share capital belongs to US investors.
ByteDance said it has agreed to create 25,000 new jobs in the United States, and TikTok currently has only about 1,000 employees. At the same time, the company also said that it will establish a US $ 5 billion education fund in the United States. Plan to use artificial intelligence and video Like technology, we cooperate with all parties to provide online classrooms for students.
This education fund is what President Trump previously stated that the agreement should be included. Trump told the masses at a campaign rally on Saturday that he hopes the Bytedance education fund can educate the American people about real national history, not false history.
Under this agreement, ByteDance will still retain the TikTok source code and Oracle has the right to inspect it.
Oracle CEO Safra Catz said he is 100% confident that TikTok can establish a highly secure environment to protect the privacy of user data in the United States and around the world. The CEO was once a member of Trump’s transition team in 2016, and Oracle co-founder Larry Ellison (Larry Ellison) was one of the few technology executives who publicly endorsed Trump.
According to Reuters, Bytedance needs to give up some control rights. The majority of the directors and CEOs of TikTok Global will be American, and its board of directors will also have a security expert.
