Tasnim
20 Sep 2020, 16:07 GMT+10
TEHRAN (Tasnim) - US President Donald Trump has agreed "in concept" to a deal for TikTok to partner with Oracle and Walmart, easing concerns over national-security threats and preventing a US shutdown of the Chinese video-sharing app.
- Science news -
Trump's comments came just one day before a deadline he had set for TikTok's Chinese parent, ByteDance, to sell US operations of the social media platform or be shut down in the country. TikTok reportedly filed a lawsuit on Friday, asking a judge to block the US ban.
Trump declared in July that he would ban TikTok from operating in the US, citing national-security concerns. He ordered on August 6 that a sale be done within 45 days and said earlier this month that the September 20 deadline would not be extended, RT reported.
The social media company has confirmed the deal, adding that Oracle will be a tech provider and Walmart will be a commercial partner. The US Department of Commerce also released a statement, according to which the deadline for a deal has been extended until September 27.
Oracle won out in bidding for TikTok's US business over Microsoft in a battle of American software giants. Trump said the new partnership between TikTok, Oracle and Walmart will probably be incorporated in Texas. TikTok has tens of millions of users in the US and was downloaded 7.5 million times in the country in June alone.
TikTok and Oracle were reportedly in talks this week with Trump administration officials on details of the deal, including ownership stakes in the new venture and control over the algorithms used to recommend videos to users. Oracle has close ties to Trump - Chairman Larry Ellison hosted a fundraising event for the president - and the company provides cloud infrastructure to online companies, including video services.
Get a daily dose of Calgary Monitor news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Calgary Monitor.
More InformationTORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Five separate incursions into restricted airspace occurred over Bedminster on Saturday, NORAD has said US fighter jets intercepted...
Five separate incursions into restricted airspace occurred over Bedminster on Saturday, NORAD has said An F-16 fighter jet intercepted...
Green Party lawmakers reportedly want to spend at least 8.5 billion on weapons for Kiev A group of German lawmakers from the Green...
The billionaire has vowed to give freedom back to the people and accused the US elites of bankrupting the nation ...
The billionaire has vowed to give freedom back to the people and accused the US elites of bankrupting the nation ...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
(Photo credit: Raymond Carlin III-Imagn Images) The Texas Rangers activated outfielder Wyatt Langford from the 10-day IL on Saturday...
(Photo credit: John E. Sokolowski-Imagn Images) Addison Barger hit an RBI single with two outs in the 11th inning and the Toronto...
(Photo credit: Anne-Marie Sorvin-Imagn Images) Since COVID-19 canceled the 2020 CFL season, the Edmonton Elks have tried multiple...