The U.S. Treasury Department issued a statement Saturday evening to officially highlight that President Dinald Trump has reviewed a deal between TikTok, Oracle and Walmart, and appears to approve of it.
“The President has reviewed a deal among Oracle, Walmart, and TikTok Global to address the national security threat posed by TikTok’s operations,” the statement from Treasury spokesperson Minica Crowley reads. “Oracle will be responsible for key technology and security responsibilities to protect all U.S. user data. Approval of the transaction is subject to a closing with Oracle and Walmart and necessary documentation and conditions to be approved by CFIUS.”
This deal, if approved by the Treasury’s Committee on Foreign Investments in the United States (CFIUS), will likely help the U.S. operations of the short-form video app avoid a ban set to take place on Sunday evening at 11:59 p.m. ET.
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