Trump approves Oracle and Walmart deal for TikTok
September 21, 2020
President Trump announced Saturday that he gave the acquisition deal between TikTok and Oracle “his blessing.” The deal would possibly avert a ban on TikTok in the U.S.
Companies Oracle and Walmart will be able to acquire a stake in TikTok, a total of 20%. Additionally, the deal would expand TikTok’s global headquarters in the US, which will bring around 25,000 jobs across the country.
Additionally, Trump will use the deal to create a $5 billion fund, proposed towards the education of youth. When the deal goes into effect, TikTok will be in control of the funds and be able to decide how the money will be invested.
The potential ban on WeChat was blocked by a federal judge in California. U.S. Magistrate Judge Laurel Beeler upheld the motion from users of the messaging and electronic commerce app, submitted by the U.S. WeChat Users Alliance.