TikTokers can finally rejoice after President Trump finally approved a deal where Oracle and Walmart will partner up with the popular app to avoid its U.S. operations from shutting down.
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According to CNBC, President Trump gave the deal his “blessing” after speaking with reporters before leaving to North Carolina. He said, “I have given the deal my blessing — if they get it done that’s great, if they don’t that’s okay too, I approved the deal in concept.” Oracle and Walmart said they are planning on a commercial partnership after Walmart agreed to a 7.5% stake purchase along with CEO Doug McMillon serving as board member for their new company.
Walmart also plans to have the new company to go public next year in the stock market.
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ByteDance will own almost 80% of the company and the new deal will help create new jobs in the United States. Trump also claimed the partnered companies will donate $5 billion towards educational programs as part of the deal.
“We’re going to be setting up a very large fund for the education of American youth and that’ll be great. That’s the contribution I’ve been asking for.”