07:07 GMT22 October 2020
Listen Live
    US
    Get short URL
    by
    11445
    Subscribe

    Earlier in the day, TikTok’s parent firm ByteDance stated that it would retain an 80-percent stake in the newly created American company TikTok Global.

    US President Donald Trump said that Oracle and Walmart must have total control over TikTok, stressing that the deal won't be approved otherwise.

    "They are going to have total control over it", Trump told Fox News in an interview. "If we find that they do not have total control, then we are not going approve the deal".

    The White House has accused the Chinese app of providing Beijing with personal data of US citizens, setting a 12 November deadline for the company to find an American partner or fall under a ban. Both China's authorities and the app have denied the accusation.

    China and U.S. flags are seen near a TikTok logo in this illustration picture taken July 16, 2020. REUTERS/Florence Lo/Illustration
    © REUTERS / Florence Lo/Illustration
    China and U.S. flags are seen near a TikTok logo in this illustration picture taken July 16, 2020. REUTERS/Florence Lo/Illustration

    After negotiations, TikTok confirmed that it had reached an agreement with Oracle and Walmart on Saturday, saying that both companies would take part in a TikTok Global pre-IPO financing round. The deal was approved by the president, and following the announcement of the agreement, the US Commerce Department postponed the planned ban on new TikTok downloads until 27 September.

    Tags:
    Walmart, Oracle, ByteDance, TikTok, China, United States, Donald Trump
    Community standardsDiscussion