Oracle: US administration validates TikTok project
(CercleFinance.com) - Oracle announced on Saturday that Donald Trump has given his approval for the operation to allow it to take a 20% stake in TikTok Global, alongside his partner Walmart, the new company that will consolidate the US activities of the Chinese video sharing app.
As the US president wanted, TikTok Global - which will recover all TikTok users in the US and those in many other countries - will now be controlled by US investors.
TikTok Global thus becomes an American "independent" company, Oracle explains, with a head office to be based in the United States and four out of five members of its board of directors American nationals.
Under another agreement with Oracle, data from the 100 million US users of TikTok will be repatriated to Oracle's US data centers, which the California group claims to be the "safest in the world".
It is also expected that TikTok Global will be floated on the US stock market over the next 12 months.
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