President approves deal to buy Chinese social network activity in US • US Treasury Department receives $ 5 billion • Supermarket giant Walmert will own 7.5 percent of new company • All details
Photo: Yinon Ben-Shoshan
End of war: US President Donald Trump last night (Saturday) approved Oracle's offer to acquire the activities of Chinese social network Tiktok. "I gave the deal my blessing," Trump said. "If they complete the deal - it's great;
If not, that's fine too. "
Now, after the US president's approval in principle, the social network will be able to continue operating in the United States, with Oracle holding 12.5 of the new company - to be called "Tiktok Global", and the Walmert supermarket chain holding 7.5 percent. The remaining 80% of the app. Walmart CEO Doug McMillon will serve as one of the company's five board members.
The company's headquarters will be set up in Texas, where 25,000 people will be employed, as thousands of content filters, engineers and marketers will be required to continue the social network's operations.
According to Trump, the company has even agreed to pay $ 5 billion in taxes to the US Treasury Department to establish a new education fund.
Tiktok has been targeting the US government for months, after claims that it collects information about users and passes it on to the Chinese government, which uses it for its own needs.
Trump said it was "a society that threatens to undermine the national security of the United States."
Last month, the president signed a special order against the continued operation of the U.S. social network starting Sept. 20. Alongside that, there are also commercial and diplomatic reasons, as the U.S. and China have been at war for several years.
