Updated: Jan 8, 2021
For weeks now we have been hearing that TikTok is running on borrowed time in the United States. President Trump has, on numerous occasions, threatened to remove the app due its strong affiliation with China. The app is owned by ByteDance and runs its operations out of Beijing.
I am here to relay good news to the millions of Americans who spend hours a day creating videos and scrolling through TikTok: the ban may just not happen after all.
That’s right. Oracle and Walmart have announced that they have reached a deal to secure partial ownership of TikTok in America. President Trump has even signed off on the deal…
"I have given the deal my blessing — if they get it done that’s great, if they don’t that’s okay too,” Trump told reporters. ‘I approved the deal in concept.”
Oracle will take on a 12.5% stake in the company with Walmart following behind at a 7.5% clip.
Even the Department of Commerce released it would delay the prohibition of U.S. transactions with TikTok until this coming Sunday.
ByteDance will own the remaining 80% of TikTok. However, in actuality, 40% of the 80% is owned by American-based venture firms. What does this mean? That TikTok is now primarily a U.S. company.
While TikTok users across the country can now breathe a sigh of relief, it would not be shocking if TikTok reappeared in the news within the near future due to its Chinese ties. In addition to TikTok, President Trump also attempted to ban the popular Chinese messaging app WeChat as a result of its strong affiliation with China. This effort was blocked by a federal judge.
At least for now, millions of teens across America can TikTok on as they please…
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