China's ByteDance seeks $60B TikTok valuation in USA deal

The US order would have slowed We Chat down and made it unusable in the United States for videochats with family and friends

China's Ministry of Commerce (MOC) said Saturday that it is resolutely opposed to the USA move to block downloads of WeChat and TikTok apps, urging the United States to immediately stop bullying and safeguard global rules and order.

The proposed deal will see Oracle and Walmart partner with TikTok - now owned by the Chinese firm ByteDance - to create a new company that will likely be based in Texas.

The ruling comes just after TikTok, which was also named in the Department of Commerce order, reached a deal with USA firms Oracle and Walmart to hopefully allow them to keep operating.

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In its statement, TikTok said that it was committed to protecting the privacy and safety of its 100 million U.S. users.

The Los Angeles-based company issued a statement Saturday afternoon, hours after US President Donald Trump said he had approved a deal between the three parties. "I approve the deal in concept".

Maybe it's just me, folks, but all of the end-of-the-world language and antics we're seeing from Epic, Apple and TikTok just remind me of Netflix dramas.

Trump said the "security will be 100 percent" and that the companies would use separate cloud servers.

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President Donald Trump has given the go-ahead to a deal for Oracle and Walmart to maintain TikTok's operations in the US, with the two American companies set to own 20% of a new entity created in agreement with TikTok's Chinese owner ByteDance.

In the release, Oracle said it plans to combine its cloud technology with measures such as code reviews and monitoring to ensure that data for U.S. users of TikTok is kept secure and private.

In a tweet Saturday, TikTok confirmed that Oracle will become the "trusted technology provider" for the app, and said it's also working on a commercial partnership with Walmart. A preliminary deal outlined by ByteDance and Oracle on Saturday stops short of a sale, but would change the structure of the company and give Oracle and the retailer WalMart a combined 20 percent stake in a new TikTok Global entity that would be headquartered in the United States.

The TikTok Global deal does not include the app's China twin, Douyin, which has become an enormous hit in its own right. That company would have a majority of American directors, a United States chief executive and a security expert on the board.

The Commerce Department said Friday a ban on downloading the two from USA app stores will take effect from the end of Sunday.

A group of plaintiffs claiming to be US-based WeChat users brought the case to court, saying that an executive order issued by US President Donald Trump blocking downloads of the application impinged on their constitutional rights to free speech.

"The United States has never shut down a major platform for communications, not even during war times", a lawyer for the users said.

The injunction also blocks a U.S. Commerce Department order that would have prevented U.S. interests from doing business with WeChat.

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