Trump Approves In Concept Oracle, Walmart Deal With Bytedance For TikTok

President Donald Trump has given his approval “in concept” to a deal being discussed between American companies Oracle and Walmart with China-based company Bytedance for ownership of TikTok.

“We have some very big news on TikTok, TikTok is moving along,” the president told reporters before leaving the White House to attend a campaign rally in Fayetteville, North Carolina, on Saturday.

He said that his administration was working with Oracles CEO Larry Ellison and Walmart to ensure that any deal with Bytedance would mean that security for the app “will be 100 percent.”

“Theyll be using separate clouds and a lot of very, very powerful security,” Trump said of Oracles proposed plans to establish a new company TikTok Global.

“Itll be totally secure, thatll be part of the deal.

“But well see whether or not it all happens,” Trump said of the ongoing negotiations being overseen by the Committee on Foreign Investment in the United States that still need approval from Beijing.

“If they get it done. thats great. If they dont, thats okay.

“Conceptually, I think its a great deal for America,” Trump said. “Theyll be hiring at least 25,000 people.”

“Itll most likely be incorporated in Texas, itll be a brand new company … Billions of dollars of taxes will be paid every year, and hundreds of millions of users, and therell be happy so everybody will be happy. Its a severance. Itll continue to be named TikTok, as it was all along. And thats it.”

Trump also doubled down on his key condition for any deal to go ahead. “It will have nothing to do with any outside land and the outside country, will have nothing to do with China,” he said.

According to an August executive order (pdf), current app owner Bytedance is required to divRead More – Source