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US Ban on TikTok Delayed for a Week

by WarriorForum.com Administrator
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Search Engine Journal reports that TikTok has received a stay of execution with relation to its impending ban on US soil. That follows conditional approval getting granted for the ongoing acquisition deal with Oracle and Walmart. Just a few days back, it seemed dead certain that TikTok's US days were numbered and that it would get removed from app stores in the country by Sunday 20th September. That followed the signing of an executive order by President Donald Trump. Now, the date is getting put back until September 27th, and that's because Trump has conditionally approved a deal that would see US companies get control of TikTok's operations there.



It seems that terms of the proposed acquisition deal demand that the parent company of TikTok, which is ByteDance, get no oversight whatsoever of TikTok's activity within the US. It's also been reported by Bloomberg that the US government are making a slice of the sale a condition of that deal:

According to Social Media Today, the key details of the deal are as follows:
  • ByteDance Ltd. is seeking a valuation of $60 billion.
  • Oracle plans to take a 12.5% share.
  • Walmart has agreed to buy a 7.5% share.
  • Oracle and Walmart would pay a combined $12 billion.
  • A new company will be formed called TikTok Global.
  • ByteDance will have "no decision-making authority, no ability to peer into" what the US company is doing.
  • Oracle will be responsible for hosting all TikTik's US user data.
  • Walmart's CEO will serve on TikTok Global's board of directors.
  • Four of the five board members look set to be Americans.
  • TikTok Global looks set to get headquarters in Texas, and that's expected to create tens of thousands of jobs in the area.
#ban #delayed #tiktok #week
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  • Profile picture of the author mrgoe
    This is one of the biggest deals lately and I`m keeping an eye on it. TikTok can't just disappear with its enormous traffic
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    Worked as a senior editor on ThePricer.org, experienced in financial topics
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