JAKARTA - President of the United States (US) Donald Trump has agreed to a TikTok business deal with Oracle. But Trump said he could cancel it if TikTok's operations weren't in line with the deal.
Quoted from Reuters, Tuesday, September 22, Trump has given approval to Oracle and Walmart to acquire TikTok. They will also form a new company, TikTok Global, so that they can do business in the US.
However, Trump emphasized that he could 'remove' TikTok if its business operations did not comply with his request. "If we can, we do. But, if we can't, we cancel," Trump told Fox News.
Trump added they must have "complete security" and stressed that no US public data was shared with China. He also asked Oracle and Walmart to have full control over TikTok in the US.
"If it turns out they don't have full control, we will not agree," Trump said.
ByteDance said they would own 80 percent of TikTok Global and the US-formed company would become their subsidiary. Meanwhile, Oracle and Walmart will each hold 12.5 percent.
The other 7.5 percent of the majority stake will be owned by the US. Where previously the US company only held less than 40 percent of shares in ByteDance.
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