TikTok U.S. Deal: Oracle, Walmart Form TikTok Global, Trump Approves
A groundbreaking deal has been struck for TikTok's U.S. operations. The agreement sees the creation of a new company, TikTok Global, headquartered in the U.S. Oracle and Walmart have joined forces to acquire a 60% stake in the venture. President Donald Trump has given the deal his approval, citing job creation and national security benefits.
The new company, TikTok Global, will be majority-owned by Oracle and Walmart, with Oracle providing crucial cloud infrastructure for U.S. operations. This move addresses long-standing national security concerns, placing U.S. data governance and content moderation under American control. The deal also includes a significant $5 billion educational fund.
President Trump has hailed the agreement, predicting it will generate 25,000 new jobs. The U.S. social media market, valued at over $50 billion, is set to see intense competition with the entry of TikTok Global. While the management board is intended to have a U.S. majority, no explicit name for a new chairman has been made public as of September 2020.
The deal, approved by President Trump, establishes TikTok Global as a new force in the U.S. social media landscape. With Oracle's cloud infrastructure and a majority U.S.-owned structure, the company aims to address national security concerns and create new job opportunities. The $5 billion educational fund is also expected to have a significant impact.
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