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China's ByteDance gets Trump nod to avoid TikTok shutdown

Trump said he supports a deal involving Oracle and Walmart that will allow TikTok to continue to operate in the U.S.

9/20/2020 2:10:00 PM

Trump said he supports a deal involving Oracle and Walmart that will allow TikTok to continue to operate in the U.S.

U.S. President Donald Trump said on Saturday he supported a deal in principle that would allow TikTok to continue to operate in the United States, even as it appeared to conflict with his earlier order for China's ByteDance to divest the video app.

said it would take a 7.5% stake in TikTok Global. The implied valuation for TikTok Global as a result of these investments could not be learned.While Oracle and Walmart said that TikTok Global will be majority-owned by U.S. investors, this is the case only if one takes into account ByteDance’s investor base, according to a source familiar with the matter who requested anonymity to discuss the deal’s structure. This is because ByteDance will own 80% of TikTok Global, the source said.

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Given that U.S. investors currently own about 40% of ByteDance, the White House will count that towards how much of TikTok Global is owned by U.S. parties, the source added. As a result, Oracle, Walmart, and ByteDance’s U.S. investors will own, directly or indirectly, about 53% of TikTok Global, a second source said.

Beijing-based ByteDance did not immediately respond to a request for comment. Walmart and Oracle also did not offer more information on TikTok Global’s ownership structure.Related CoverageU.S. will delay TikTok U.S. app store ban by one weekIt was not immediately clear what spurred the White House to compromise on its push for an outright sale of TikTok. However, the deal comes with pledges that cater to Trump’s ‘America First’ policy agenda. It also averts alienating TikTok’s young users ahead of the Nov. 3 U.S. election.

ByteDance agreed to create 25,000 new U.S. jobs at TikTok, up from a little over 1,000 now. Trump, who had previously called on companies such as Oracle and Walmart to pay the United States a “fee” to participate in the TikTok deal, said there would also be a $5 billion U.S. education fund as part of the deal.

“I said, you know, do me a favor, could you put up $5 billion into a fund for education so we can educate people as to the real history of our country, not the fake history,” Trump told a rally of supporters in Fayetteville, North Carolina on Saturday.

Oracle and Walmart described the agreement differently. They said that together with ByteDance top investors General Atlantic, Sequoia and Coatue they would create an educational initiative to deliver an artificial-intelligence driven online video curriculum for children, from basic reading and math to science, history and computer engineering.

The companies did not say how much they would spend on the education initiative. However, they said TikTok Global would pay more than $5 billion in new taxes to the U.S. Treasury.While ByteDance will get to keep TikTok’s source code under the deal, Oracle will get to inspect it. Oracle CEO Safra Catz said her company was “100% confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world.”

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A reflection of the U.S. flag is seen on the sign of the TikTok app in this illustration picture taken September 19, 2020. REUTERS/Florence Lo/IllustrationCatz served on Trump’s transition team in 2016, while Oracle’s co-founder and chairman Larry Ellison is one of the few top technology executives to openly support the U.S. president.

ByteDance also had to give up some of its control of TikTok. Reuters reported on Thursday that TikTok Global would have a majority of American directors, a U.S. chief executive and a security expert on the board. Walmart said on Saturday its CEO Doug McMillon would serve as one of the five board members of TikTok Global.

It is possible that ByteDance’s ownership of TikTok will be reduced further next year. Reuters was first to report on Thursday that ByteDance is planning an initial public offering (IPO) of TikTok Global. The filing of the IPO would be on a U.S. stock exchange and could come in about a year.

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Dictator Trump. Squash 1st Amendment under false National Security Threat. Wonderful. Distraction... Trump Not sure Trump understands details of the 'deal'. Politicians should stay out of corporate deals. Worried about national security - all details could probably be bought on the dark web from various hacks. TikTok hardly a national security risking app.

Just to not piss off young. He doesn't really care. One thing drives him elections. Pretend every victory is his. Win. Four more years of destruction of pillars of America. It's over. Ivanka, Kushner... Please look into the “education” piece of this deal! Who is creating this AI- driven content? Who asked for this to be part of the deal? None of these people involved are teachers, educators. Why is this included?

I think he’s in on a deal and I do not understand how he has a say in who does business in the US for global companies? Bullshit. He was the one who created all the trouble! Why is Trump the con man making dodgy business deals? Is this not a conflict of interest? Never buying Oracle again. Oracle shall not accept this wrong business policy.

They will kneel to King Trump In a free market capitalist system, the govt wouldn't be involved. In a national socialist system, the dictator calls the shots. Simple lesson in economics. VoteBidenHarris because I don't want to live in a national socialist system with a dictator. Well there goes a good app. If anyone has used anything Oracle, you will know life will become more than frustrating. I bet that was Trump’s plan all along 🤥

Check out my Gig on Fiverr: Do You Want To create 3d Amazing Video Intro Logo Animation Video In $5 ? Contact Me : LogoAnimation MadeOnFiverr Top Logo Animation Best Logo Animation Oracle CEO is one of Trump's biggest donors. Nothing fishy here. Nope. Sure because he’s losing the younger vote ! Because Walmart supports Trump.

There’s something fishy about this. We’ll find out someday but I’d put a pin in it. There’s got to be someone in Trumpland profiting in someway. China has won. Robber, trump robber, trump, phony politician. It could’ve been CVS, and he would’ve “approved” a “deal”. He is weak and caves at every turn!!!!

Doesn’t Walmart treat their employees like garbage? Is this another “this deal is good for me and for the billionaires, but the rest of you will continue to scrape by” move? I will never, ever trust shouldn't either He's forced $5Billion to be paid. Who that money goes to, who knows?😡 this is will be known as after Google

China says TikTok parent company ByteDance said it had only learned about Trump deal in the newsThe president has said he has agreed to a deal to allow the social media platform to continue operating in the United States. Newsweek should change it's name to 'China Says'.

Trump blesses TikTok deal with Oracle and Walmart. How will China respond?Trump approved in concept a deal where Oracle and Walmart would own part of TikTok Global. The Dear Leader is at it again. Not a story. Great leader !!

How China beat coronavirus over the last six monthsThe country where the virus is thought to have emerged rarely reports daily case counts in the hundreds since the spring. But at what cost? Easy, they lied They literally had a surge yesterday. Also CCP are ruthless opressors literally placing people in camps. Lastly they lie. That's who they are. Liars. They also fund Newsweek to propagandize positive news about them. They're basically the worst country on planet earth. Easy they lied and are a dictatorship. So when the population gets told to do something that's instantly 99% compliance. We are free countries and with that comes a cost of people thinking for themselves.

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