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.