Just before TikTok was due to be banned in the US it has announced a deal with Oracle and Walmart which will stop it from being banned by President Trump.
President Trump has previously ordered for the app to be banned in the US, due to national security concerns. This deal has the approval of Trump and will atop the app being banned.
We’re pleased that today we’ve confirmed a proposal that resolves the Administration’s security concerns and settles questions around TikTok’s future in the US. Our plan is extensive and consistent with previous CFIUS resolutions, including working with Oracle, who will be our trusted cloud and technology provider responsible for fully securing our users’ data. We are committed to protecting our users globally and providing the highest levels of security. Both Oracle and Walmart will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company. We will also maintain and expand the US as TikTok Global’s headquarters while bringing 25,000 jobs across the country.
You can see the full statement from TikTok over at their website at the link below, this will allow the app to continue in the US with out any issues.
Source TikTok
