TikTok has announced an agreement with Oracle and Walmart to avoid a ban in the United States. The deal was announced by Vanessa Pappas, Interim Head of TikTok, in a blog post yesterday.
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.
CNBC reports that the deal has President Trump's blessing.
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