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
- SAIL posts Rs 834 crore net profit for July-September quarter
- Vehicle sales surge 32 pc on back of festive discounts, high rural incomes
- Sensex and Nifty down 1 pc in early trade amid heavy selling
- Apple iPhone 15 becomes best-selling smartphone globally in Q3 2024
- SC orders liquidation of Jet Airways