BREAKING: Trump Administration Delays Prohibitions of TikTok
Saturday, September 19, 2020
Just hours before the ban of TikTok was to take effect, the U.S. Department of Commerce issued the following statement:
"In light of recent positive developments, Secretary of Commerce Wilbur Ross, at the direction of President Trump, will delay the prohibition of identified transactions pursuant to Executive Order 13942, related to the TikTok mobile application that would have been effective on Sunday, September 20, 2020, until September 27, 2020 at 11:59 p.m."
According to multiple reports a new deal is in the mix to establish U.S. ownership.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe Wall Street Journal is reporting Saturday night, that "Oracle said in a statement that it would have a 12.5% stake in the new entity called TikTok Global, and would provide secure cloud service for data on the popular app. Walmart would have a stake of about 7.5% in TikTok Global and commercial agreements, according to people familiar with the situation."
Microsoft previously had been a suitor to purchase the company, but their bid was rejected last weekend.
"TikTok’s current owner, Beijing-based ByteDance Ltd., would retain roughly 80% ownership of the company, according to people familiar with the situation. But because ByteDance is about 40% owned by U.S. investors, the new company with equity stakes for Oracle and Walmart can be described as having majority American ownership, they said." according to WSJ.
“We are a hundred percent 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,” Oracle Chief Executive Safra Catz said in a statement.
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