Washington: President Donald Trump said Saturday he had approved a deal allowing Silicon Valley giant Oracle to become the data partner for TikTok to avert a shutdown of the massively popular Chinese-owned video app that Washington has called a security risk.
The deal, announced by the companies, also includes Walmart as a commercial partner and would create a new US company named TikTok Global.
“I think it’s going to be a fantastic deal,” Trump said. “I have given the deal my blessing. If they get it done that’s great, if they don’t that’s okay too.”
Shortly after, TikTok—owned by China’s ByteDance—confirmed the agreement, which came with companies racing against a Sunday deadline set by Trump’s administration after which new downloads of the app would be banned.
Oracle could buy a 12.5 percent stake in TikTok before a future IPO, and Walmart a…
