Trump signs off on TikTok deal with Oracle, Walmart
The Commerce Department said it would delay Sunday's 11:59 p.m. ban on TikTok U.S. downloads and updates
www.foxbusiness.com
With the announcement of this deal, the ban of TikTok downloading, streaming and updating in the United States that was going to start at 11:59 PM this Sunday has been delayed by the US Commerce Department.
Under the terms of this agreement Oracle will purchase a 12.5% stake in the new TikTok Global and Wal-Mart 7.5% with the option of increasing their stake to twenty percent. ByteDance Ltd, the current Beijing-based owner of TikTok would retain an 80% stake in the company but since 40% of ByteDance is owned by American investors, it satisfies surpassing the 50% threshold of American ownership. Four of the five board members will be American and the new stakeholders are planning on initiating an IPO here in the United States.
The President stated that TikTok Global will be incorporated in Texas and lead to the creation of 25,000 jobs in the United States.
It's not over for TikTok yet though. The ban has only been delayed to September 27th pending the deal developments.