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TikTok Ban Averted as Trump Approves Oracle Deal "in Concept"

TikTok Ban Averted as Trump Approves Oracle Deal "in Concept"

The ban on video-sharing app TikTok that was to take effect midnight Sunday looks like it will now not happen, as President Trump says he has given his "blessing" to a deal that sees China's ByteDance sell a stake of the business to Oracle (NYSE: ORCL) and Walmart (NYSE: WMT). According to TikTok, it will maintain and expand a U.S. headquarters that will bring 25,000 jobs with it. Both Oracle and Walmart will take part in a round of financing in a pre-IPO company that allows them to acquire a cumulative 20% interest in TikTok Global, with Oracle becoming the app's "trusted cloud and technology provider responsible for fully securing our users' data."