TikTok is here to stay (so far)! After much worry about whether or not TikTok would be banned from the U.S., news comes that President Donald Trump approved an “in-concept” deal which will give Oracle and Walmart a 20% combined interest in a new company called TikTok Global. Trump stated that Oracle and Walmart will set up a 5 billion dollar fund to educate young Americans.
Trump originally wanted TikTok to be shut down in the U.S. due to security concerns. However, Oracle CEO Safra Catz announced, “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”. Also, to show their seriousness about safety and security, Oracle and Walmart will make TikTok US-based, which is what ultimately won Trump over.
According to TikTok, its headquarters will be expanded which will bring along 25,000 new jobs. The route to young consumers appealed to Walmart, who plans on providing retail capabilities to the app.