Trump Gives TikTok and Oracle Deal His ‘Blessing'

Rachel Uranga

Rachel Uranga is dot.LA's Managing Editor, News. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.

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.

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Energy Shares Gears Up To Bring Equity Crowdfunding to Retail Investors

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

Energy Shares Gears Up To Bring Equity Crowdfunding to Retail Investors
Photo by Red Zeppelin on Unsplash

The Inflation Reduction Act contains almost $400 billion in funding for clean energy initiatives. There’s $250 billion for energy projects. $23 billion for transportation and EVs. $46 billion for environment. $21 billion for agriculture, and so on. With so much cash flowing into the sector, the possibilities for investment and growth are gigantic.

These investment opportunities, however, have typically been inaccessible for everyday retail investors until much later in a company’s development–after an IPO, usually. Meaning that the best returns are likely to be captured by banks and other institutions who have the capital and financing to invest large sums of money earlier in the process.

That’s where Pasadena-based Energy Shares comes in. The company wants to help democratize access to these investment opportunities and simultaneously give early-stage utility-scale energy projects another revenue stream.

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Why These Ukrainian Entrepreneurs Are Making LA Their Home

Aisha Counts
Aisha Counts is a business reporter covering the technology industry. She has written extensively about tech giants, emerging technologies, startups and venture capital. Before becoming a journalist she spent several years as a management consultant at Ernst & Young.
Why These Ukrainian Entrepreneurs Are Making LA Their Home
Joey Mota

Fleeing war and chasing new opportunities, more than a dozen Ukrainian entrepreneurs have landed in Los Angeles, finding an unexpected community in the city of dreams. These entrepreneurs have started companies that are collectively worth more than $300 million, in industries ranging from electric vehicle charging stations to audience monetization platforms to social networks.

Dot.LA spent an evening with this group of Ukrainian citizens, learning what it was like to build startups in Ukraine, to cope with the unimaginable fear of fleeing war, and to garner the resilience to rebuild.

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