US President Donald Trump on Saturday announced he would give the green light to a deal that will allow TikTok to continue operating in the United States after threatening in August to ban the Chinese video-sharing app.
The popular TikTok application, threatened with ban in the United States in the name of national security, will be able to remain in the country, Donald Trump having given, Saturday, September 19, the green light to a project involving Oracle and Walmart.
"I gave my approval to the agreement. If they materialize it, so much the better. If not, that will be fine too", declared the Republican president, before flying away for a meeting of campaign in North Carolina.
Called TikTok Global, it would be based in the United States and would hire 25,000 people, Oracle and Walmart said in a separate statement.
Oracle could buy 12.5% stake in TikTok and Walmart 7.5% before a future listing on the New York Stock Exchange scheduled within a year.
ByteDance would keep the rest of the capital, a source familiar with the matter told AFP. But since the Chinese company is 40% owned by American investors, the majority of the application would ultimately pass under the American flag.
TikTok, a subsidiary of Chinese group ByteDance, confirmed shortly after preparing a plan to create a new company involving Oracle as a technology partner in the United States and Walmart as a business partner.
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