US computer technology company Oracle said that ByteDance, the parent company of TikTok, received initial approval for a deal with the US government to sell the business to investors. American investment
The deal will feature Oracle and Walmart to acquire a 20 percent stake in the newly established TikTok Global business.
Tik Tok Global will launch its first public offering (IPO) in less than 12 months. And will be listed on the US Stock Exchange
A news release from Oracle states: The US government has approved this landmark deal. Provided that Oracle is to be the cloud service provider of Tik Tok and Tik Tok Global will be an independent US company. Headquartered in the US And four out of 5 Americans are members of the board.
In addition, all tick tock technologies are owned by Tik Tok Global and are subject to US privacy laws and regulations. The data privacy of approximately 100 million tick tock users in the US must be secured quickly. By migrating all American data to Oracle's Generation 2 Cloud data center, the world's most secure cloud data center.
Tik Tok Global will help create 25,000 new jobs in the US. And will pay more than $ 5 billion in taxes to the US Treasury.
The Oracle statement comes after Byte Dance expressed hope that The agreement that Byte Dance has made with Oracle and Wal-Mart. “It will help resolve the concerns of the US government. And clarify the direction of tick-tock operations in the US "
Byte Dance released a statement late Saturday afternoon US time. Or it was hours after President Donald Trump announced approval of the deal.
As of June, the number of tick-tock users in the United States jumped to 91,937,040, and according to quarterly usage data, there are 100 million US people using the app.
Reference source :: slotxo