Here’s what TikTok said after Donald Trump gave his blessings for Oracle deal
US President Donald Trump on Saturday gave his blessings to the TikTok-Oracle deal, which enables the company to continue offering its services in the US. Shortly after, TikTok shared a message with its users in the US wherein it reiterated that it wasn’t going anywhere.
“We are humbled and grateful for your continued support! And we are excited to confirm that we aren’t going anywhere!,” TikTok wrote in a message on Twitter.
Apart from sharing a message on Twitter, TikTok’s Interim Head Venessa Pappas wrote a detailed blog post explaining what the deal with Oracle entailed. “We're pleased that today we've confirmed a proposal that resolves the Administration's security concerns and settles questions around TikTok's future in the US,” Pappas wrote in a blog post.
As a part of the deal, TikTok will create a new company based in the US called TikTok Global. Oracle will be the company’s trusted cloud and technology provider and it will ensure the security of TikTok’s users' in the US. Pappas also said that both Oracle and Walmart will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company.
In addition to this, the new entity called TikTok Global would set up a new headquarter in the US and bring “25,000 jobs across the country.”
Pappas, apart from informing users about the change, also thanked TikTok users for their support. “We want to thank all of the members of our community who have shown tremendous support – to us, but more importantly, for each other – throughout this period of turbulence. TikTok is what it is because of all of you,” she added.