UPDATED 9:40 AM PT – Sunday, September 20, 2020
President Trump has given the deal between TikTok, Oracle and Walmart his blessing. His administration confirmed the deal this weekend, which will keep the video sharing service from shutting down.
Oracle will now host all data affiliated with American users.
the company will get at least a 12% stake in TikTok, while Walmart will be able to claim up to a 20% stake.
“They’ll be hiring at least 25,000 people, and it will most likely be incorporated in Texas,” stated President Trump. “It’ll be a brand new company, …it will have nothing to do with China.”
— Team Trump (Text VOTE to 88022) (@TeamTrump) September 19, 2020
The deal will also provide $5 billion to the U.S. to use for educational purposes. It is expected to take effect on Sunday.
“It’s a great deal for America,” added the President.