WJXT news4jax.com 20 Sep, 2020 01:30 am

Trump backs proposed deal to keep TikTok operating in USfacebooktwitterinstagramrss

Trump backs proposed deal to keep TikTok operating in USfacebooktwitterinstagramrss
President Donald Trump said Saturday he’s given his “blessing” to a proposed deal between Oracle and Walmart for the U.S. operations of TikTok, the Chinese-owned app he’s targeted for national security and data privacy concerns.

Trump said if completed the deal would create a new company likely to be based in Texas.” Trump said the new company will be hiring at least 25,000 people and making a $5 billion contribution to a fund dedicated to education for Americans.TikTok said Oracle and Walmart could acquire up to a cumulative 20% stake in the new company in a financing round to be held before an initial public offering of stock, which Walmart said could happen within the next year.Walmart said it will provide its ecommerce, fulfillment, payments and other services to the new company.

WASHINGTON – President Donald Trump said Saturday he's given his “blessing” to a proposed deal that would see the popular video-sharing app TikTok partner with Oracle and Walmart and form a U.“We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the U.

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