A few months ago, President Donald Trump gave the Chinese owned company, TikTok a deadline of September 20th to transfer ownership to an American Company or else he would block the app in America all together. With the clock winding down,Bay Area company Oracle announced its intention would purchase TikTok! However as President, Donald Trump needed to approve the purchase! According to CNN, The Commerce Department confirmed in a statement Saturday evening that it would delay — by one week — restrictions that were originally to take effect on Sunday. ByteDance will continue to be majority owner of TikTok under Trump said he approved, according to a person familiar with the matter.
The deal will also include a $5 Billion dollar fund for Education but did not say which company will have to pay for it!
TikTok made a statement and said "As part of this proposal, Oracle will become our trusted technology provider, responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied," TikTok said. "We are currently working with Wal-Mart on a commercial partnership as well. Both companies 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 TikTok Global's headquarters in the US, while bringing 25,000 jobs across the country."
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