TikTok deal will bring 25,000 jobs to Texas if approved

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A ban of TikTok from app stores in the USA, similar to what WeChat faced, was pushed back a week to September 27 after Mr. Trump backed the latest TikTok deal.

Oracle and Walmart said in a joint statement on Saturday that four out of the five board of directors will be Americans.

"We believe this deal will benefit the U.S.in many ways, including bringing over 25,000 jobs over time as well as continuing to develop exciting, innovative products for people to enjoy around the world", Walmart said in a statement on Saturday.

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

Bytedance would own the remaining 80pc.

The corporate governance arrangement that the companies have disclosed for TikTok Global does not award total control to Oracle and Walmart.

He said Oracle's expertise in database management and privacy protection, coupled with Walmart's hunger for leapfrogging into the social commerce realm, would "add tangible flavor" to the deal. BBC News suggests that the president has approved the deal because it will create 25,000 United States jobs and see the company pay more than $5 billion (£3.8 billion) in tax.

This scheme is still unfair, but it avoids the worst result, that TikTok is shut down or sold to a USA company completely. Its viral music videos have soared in popularity over the past year with 2 billion downloads globally. On Sunday, President Donald Trump claimed the negotiations included a $5bn education fund for the U.S. to be provided by TikTok, something Bytedance disputed on its official social media channels.

The new company, which will be called TikTok Global, has agreed to funnel US$5 billion (S$6.8 billion) in new tax dollars to the USA and set up a new education fund, which Mr Trump said would satisfy his demand that the government receive a payment from the deal.

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According to the US Treasury, the TikTok deal still needs to be finalized by the involved companies and approved by a federal national security committee.

Trump last week had said there would be a $5 billion US education fund as part of the deal, but ByteDance has said it was not aware of this.

The US president had accused TikTok of collecting user data to share with China's government and in August demanded that ByteDance sell the app's US operations to a local company within 90 days or risk becoming banned there.

Both apps were subject to Commerce Department rules that would have blocked USA users from downloading fresh installs or updates, although existing users would have been able to keep current versions on their phones. A new company would be incorporated in the US and "will have nothing to do with China", the president said.

But he's now backed down from that, approving a deal that will see the U.S. software company, Oracle, acting as custodian of United States data on TikTok. Oracle and Walmart have said all of TikTok's technology will be in possession of TikTok Global.

If TenCent can't come right in the courts, WeChat would probably end up being banned.

"Beeler's preliminary injunction also blocked the Commerce order that would have barred other transactions with WeChat in the United States that could have degraded the site's usability for current US users".

Shortly after the news went out, the Commerce Department has granted a week's stay of prohibition.

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