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Just hours before the ban on new app downloads in the United States, Vanessa Pappas, interim director of TikTok, announced Saturday that the company had signed a proposal with Oracle and Walmart that would keep the platform to share videos alive in the country. The deal was also approved through President Donald Trump, Bloomberg reports.
The agreement will well identify a new company, TikTok Global, in which Oracle and Walmart in combination can take up to 20% of the capital. TikTok Global will be headquartered in the United States and will create 25,000 jobs in the country. will be guilty of storing user data, underlining the company’s commitment to protecting the privacy of its users.
We are pleased that today we have shown a proposal that resolves management security disorders and resolves questions about TikTok’s long-term in the United States Our plan is comprehensive and consistent with past CFIUS resolutions, adding that it runs with Oracle, which will be our trusted cloud and generation provider to fully protect our users’ data. We are committed to protecting our users internationally and offering the highest degrees of security. Oracle and Walmart will participate in a pre-IPO funding circular from TikTok Global in which they can take up to 20% of the company’s accumulated stake. We will also expand the United States as the headquarters of TikTok Global while creating 25,000 jobs across the country.
The deal was announced just hours before the US Department of Commerce announced that the deal would be able to do so. But it’s not the first time It banned further downloads from TikTok, and Bloomberg says TikTok’s ban was delayed a week after Trump gave his initial approval to the proposal. , however, it is not transparent at this time if the latest app, owned by Tencent Holdings of China, will remain banned on Sunday in the respective Apple and Google app stores in the US. But it’s not the first time
President Trump signed an executive order in August granting ByteDance, TikTok’s parent company, 90 days to sell its TikTok business in the United States due to evidence of potential threats to the national security of the China-based company. disinversion of U. S. operations, all user knowledge will be stored through Oracle, based in the U. S. And the company will review TikTok’s existing source code and all upcoming updates.
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