President Trump announced at a NC Rally on Saturday that he's given Preliminary Approval of the TikTok Deal with Oracle and Walmart
Patently Apple posted a report yesterday titled "Unless a Deal is Struck shortly, Apple and Google Stores will have to remove TikTok and WeChat from their U.S. Online Stores on Monday.
Tonight, during a Trump Rally in Fayetteville, NC, President Trump stated that they're close to finalizing the deal between TikTok with Walmart-Oracle. All of the technology is to be maintained in the U.S. and TikTok's headquarters is likely to be going to Texas.
Trump reiterated that he gave the deal the preliminary approval and it will translate to between 20,000 and 25,000 jobs.
President Trump stated that he was able to secure $5 Billion from TikTok towards an educational foundation to teach children children the true history of the United States. He jokingly stated that TikTok was so quick to agree to that point that he should of asked for more money, with the crowd at the rally laughing.
In a report published after ours, Bloomberg states that the new company will be called TikTok Global. Walmart and Oracle will control 20% of the new company.
TikTok said in a statement that it was "pleased that the proposal for TikTok, Oracle and Walmart will resolve the security concerns of the U.S. Administration and settle questions around TikTok's future in the U.S."
TikTok confirmed that Oracle will host all of its U.S. data and secure its computer systems. TikTok further stated that it is working with Walmart on a commercial partnership and it, along with Oracle, will take part in a TikTok Global pre-IPO financing round in which they can take as much as a 20% cumulative stake in the company.
BNN Bloomberg added that "TikTok picked Oracle’s new Generation 2 Cloud infrastructure because it’s much faster, more reliable, and more secure than the first generation technology currently offered by all the other major cloud providers," Executive Chairman Larry Ellison said in a statement.
On Saturday, The Commerce Department delayed the bans that were to take affect at Midnight Sunday for a week. Apple and Google Play stores will not have to remove the TikTok app from their respective stores for another week. Hopefully at that time the deal will be signed and sealed with life moving on. This will certainly make millions of U.S. TikTok fans very, very happy.