Trump Gives TikTok and Oracle Deal His ‘Blessing'

Trump Gives TikTok and Oracle Deal His ‘Blessing'


President Donald Trump told reporters he approved a deal in concept between Oracle and TikTok's parent company ByteDance in which Oracle and Walmart would partner with the app in the U.S. The move could avert the ban in U.S. app stores that was set to go into effect on Sunday.


"I have given the deal my blessing," Trump said to reporters at the White House Saturday. "If they get it done, that's great. If they don't, that's okay, too."

It is unclear whether ByteDance will remain a majority owner of TikTok.

"It will have nothing to do with China. It'll be totally secure; that'll be part of the deal," Trump said. "All of the control is Walmart and Oracle, two great American companies."

But Trump said the company, now seated in Culver City, will likely be headquartered in Texas and bring 25,000 jobs.

He added that TikTok has agreed to donate $5 billion to an education fund, which Trump said would satisfy his demand that the government receive a payment from the deal.

"They're going to be setting up a very large fund," Trump told reporters. "That's their contribution that I've been asking for."

Various outlets with reporters at the White House reported on Trump's sign off. It came after the president signed an executive order in August that called the viral social video app owned by Chinese internet company ByteDance a national security threat. It also called on the Beijing based parent company to sell TikTok to a U.S. firm or face a ban.

The administration accuses TikTok of sharing user data with the Chinese Communist government. TikTok denies the charges.

This week, the New York Times reported that TikTok is hunting for a new CEO and that Instagram co-founder Kevin Systrom is being considered for the position.

Subscribe to our newsletter to catch every headline.

On this week's episode of Office Hours, you'll hear from Gregg Renfrew, serial entrepreneur and founder of clean beauty company, Beauty Counter. She also serves on the board of directors of Supernova, my special purpose acquisition company.

Read more Show less

Despite — or in many cases because of — the raging pandemic, 2020 was a great year for many tech startups. It turned out to be an ideal time to be in the video game business, developing a streaming ecommerce platform for Gen Z, or helping restaurants with their online ordering.

But which companies in Southern California had the best year? That is highly subjective of course. But in an attempt to highlight who's hot, we asked dozens of the region's top VCs to weigh in.

We wanted to know what companies they wish they would have invested in if they could go back and do it all over again.

Read more Show less
RELATEDTRENDING