Business News
Home > Business News
Oracle, Walmart rescue TikTok in US with Trump's 'blessing'
TIWN
TIWN
PHOTO : TIWN
San Francisco, Sep 23 (TIWN) In a surprise move, Oracle and Walmart have come together to save TikTok from the ban, forming a new company called TikTok Global which will be headquartered in the US. President Donald Trump said he has given the deal his blessing.
According to a report in NPR.org, the arrangement appears to satisfy the White House’s concerns over the security of American users’ data.
Oracle and Walmart said in a joint statement on Saturday that the new company would be “majority owned by American investors”.
Oracle announced it was chosen as TikTok’s secure cloud provider and will become a minority investor with a 12.5 per cent stake.
Add your Comment
Comments (0)
More Business News
- Govt directs NCCF, NAFED to start buying 5 lakh tonnes of onion directly from farmers
- Adani Green Energy Gallery in UK to explore sustainable energy options to fight climate change
- Elon Musk thought that OpenAI would fail: Sam Altman
- India’s forex reserves surge for 3rd week in row to touch $642.5 billion mark
- DGCA imposes Rs 80 lakh fine on Air India for flight duty timing violations