The saga of TikTok’s activities in the United States is nearing an end. The TikTok application, threatened with ban in the country in the name of national security, will be able to continue to be downloaded: Donald Trump gave the green light on Saturday to a project involving Oracle and Walmart. “I gave my approval to the deal. If they make it happen, so much the better. If not, that will be fine too, “said the president.
A future IPO
The company, a subsidiary of a Chinese group, confirmed shortly after preparing a project involving Oracle as a technology partner in the United States and Walmart as a business partner. The agreement also provides that the two US companies can buy up to 20% of shares in TikTok before a future IPO. Oracle said it would take 12.5%. “We are pleased that the proposal by TikTok, Oracle and Walmart resolves the security concerns raised by the US administration and resolves questions regarding the future of TikTok in the United States,” said a spokesperson for the application. .
TikTok did not give details on Saturday on how the capital would be distributed, but according to Wall Street Journal sources, the agreement provides that 53% of the shares in total will be allocated to American companies and investors and 36% to Chinese investors. “We are 100% confident in our ability to provide a highly secure environment for TikTok and to ensure data privacy for US TikTok users and users around the world,” commented Oracle CEO Safra Catz.
Some $ 5 billion for education
The plan also calls for the hiring of 25,000 people in the United States and the maintenance of the company headquarters in the country. The companies involved will also “donate around $ 5 billion” for “the education of young Americans,” said the US president, who insisted that the government be paid for authorizing the deal.