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Donald Trump says he approves TikTok Oracle deal ‘in concept’

U.S. President Donald Trump.   | Photo Credit: AP

U.S. President Donald Trump said he “approves a deal in concept” that will allow TikTok to continue to operate in the United States, after threatening to ban the Chinese-owned app in August.

He told reporters at the White House he was giving the deal with Oracle “my blessing” and that it had addressed U.S. national security concerns.

Also read: China unveils sanctions regime after U.S. ban on TikTok, WeChat

About 100 million Americans use TikTok and U.S. officials have expressed concern about user data and the potential for China to access that data.

“The security will be 100%,” Mr. Trump told reporters. “Conceptually it's a great deal for America.”

Also read: Microsoft’s proposal to partner TikTok in US rejected, Oracle wins bid

Reuters reported on Thursday the new company, dubbed TikTok Global, will have a majority of American directors, a U.S. chief executive and a security expert on the board.

Oracle has agreed to eventually own a 20% stake in the company, according to a source. If Walmart also successfully negotiates acquiring a stake, its CEO, Doug McMillon, would get a seat on TikTok Globals board, the source said.

Mr. Trump said the new TikTok company will be “totally controlled by Oracle and Walmart.”

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Printable version | Oct 23, 2020 3:16:47 PM | https://www.thehindu.com/news/international/donald-trump-says-he-approves-tiktok-oracle-deal-in-concept/article32651424.ece

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