TikTok interim chief Vanessa Pappas has announced that they have reached an agreement with Oracle and Walmart just a few hours before the executive order deadline.
In the negotiation, a new company called TikTok Global will be formed. Walmart and Oracle will have a 20 percent stake combined, and the company’s headquarters will be based in the US.
This move brings 25,000 additional jobs once it’s seen fruition. Also, Pappas mentioned that Oracle will be tasked in keeping user data private and away from prying eyes.
The initial schedule of the ban was extended a week when the first proposal was sent and with Trump seemingly approving of the deal.
The executive order was for both TikTok and WeChat but there’s no news on whether WeChat will be removed from Play Store and App Store when the deadline hits.
The partnership between Oracle and TikTok has Oracle overseeing user data and checking TikTok’s source code and all future updates.