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End to saga: Trump approves Tiktok-Oracle deal - Walla! Business

2020-09-20T08:19:58.761Z


Oracle will hold 12.5% ​​of Tiktoc, Walmart another 7.5%. The ban on downloading the app in the United States, which was supposed to be signed today, will be delayed by a week. Walmart spokesman: "We will work towards the company's first public offering in the United States next year."


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End to saga: Trump approves Tiktok-Oracle deal

Oracle will hold 12.5% ​​of Tiktoc, Walmart another 7.5%.

The ban on downloading the app in the United States, which was supposed to be signed today, will be delayed by a week. Walmart spokesman: "We will work towards the company's first public offering in the United States next year."

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Sunday, 20 September 2020, 08:48

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In the video: Trump signs a presidential order banning transactions with the owners of the "Tiktok" app (Photo: Reuters, edited by: Assaf Drori)

End to the Tiktok-US saga? US President Donald Trump has approved the cooperation agreement between Oracle and Tiktok.

Under the agreement, Walmart and Oracle will partner with the viral video-sharing app, thus preventing the app from closing in the U.S.



"I gave the deal my blessing.

If they do so it's great, if not, that's also fine, "Trump told a meeting press conference at the White House before leaving for North Carolina.



Department of Commerce announced that the US administration would delay the ban download and Bichat US and ticktock, it announced late This week, until next Sunday.



Shortly after Trump's announcement, Oracle announced that it had been selected as Tiktok's cloud provider, and would become a minority investor in the company, with a 12.5% ​​holding.

A Tiktok spokesman confirmed Oracle's role, adding that they were working on a collaboration with Walmart as well.

Walmart has announced that it has substantially agreed to a 7.5% acquisition, and that "we will work towards the company's first public offering in the United States next year."

It has also been reported that Walmark CEO Doug McMillon will serve as one of the five board members of the emerging company.

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Trump (Photo: Reuters)

According to sources, Tiktok's Chinese parent company, BiteDance, will own the remaining 80% of the app.

However, because 40 percent of BiteDance is owned by U.S. venture capital firms, the Trump administration can argue that technically, most of the funding for ticketing operations will come from U.S. government funds.



The company announced plans to expand its headquarters in the US, and recruit 25,000 employees. According to Trump, the new company's headquarters will be in Texas. He also said that the companies will contribute $ 5 billion education fund.



Oracle Wal-Mart said in a joint statement that the ticktock pay more than $ 5 billion in taxes Ministry of Finance, the US, and that companies and investors ticktock created educational videos that aim to teach children about history, science and other subjects.



selling activity Bank of ticktock arose after the US administration led by President Donald Trump has expressed growing concern that videos app shorts harms US national security By collecting information on young Americans.

This month, Trump announced that the app would be banned for use in the U.S., and issued an ultimatum to it - if it does not sell its operations in the U.S., it will shut it down completely.

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Source: walla

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