![]() Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “You have the combination of the Wal-Mart, that’s obvious, and the high tech of Oracle, and the genius of the two leaders of those companies, okay?” Trump said. Speaking to reporters, Trump offered high praise to Walmart and Oracle executives, including Oracle chairman Larry Ellison, a close political ally. “We are excited about our potential investment in and commercial agreements with TikTok Global,” Wal-Mart said in a statement, adding it will also “enter into commercial agreements to provide our ecommerce, fulfillment, payments and other omnichannel services to TikTok Global.” Walmart said that it plans to take a 7.5% stake in the new company, and that Wal-Mart CEO Doug McMillon would serve on its five-member board. This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok user community to benefit all stakeholders.” We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world. “Oracle will quickly deploy, rapidly scale, and operate TikTok systems in the Oracle Cloud. “As a part of this agreement, TikTok will run on the Oracle Cloud and Oracle will bezcome a minority investor in TikTok Global,” said Oracle CEO Safra Catz. Oracle CEO Safra Catz said in a statement: Trump also said that TikTok would be incorporated in Texas as a new company. We will also maintain and expand TikTok Global’s headquarters in the US, while bringing 25,000 jobs across the country.” Both companies 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. “We are currently working with Wal-Mart on a commercial partnership as well. “As part of this proposal, Oracle will become our trusted technology provider, responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied,” TikTok said. TikTok confirmed in a statement that Oracle and Walmart will together hold up to a 20% share. That contradicts Trump’s claim to reporters on Saturday that TikTok would be “totally controlled” by Wal-Mart and Oracle, who will have up to a 20% share in TikTok, the person said. The White House declined to comment.īyteDance will continue to be majority owner of TikTok under the agreement Trump said he approved, the person said. Trump’s blessing comes hours before restrictions from the Commerce Department were set to take effect that would remove TikTok from US app stores, including those operated by Apple Trump had previously expressed a desire for the companies to make a payment to the US Treasury, but was surprised when he was told such an arrangement would be illegal. ![]() Trump said the deal will also include a $5 billion fund for US education, though he did not say which companies would be making the payment. They’ll be using separate clouds and very, very powerful security.” (WMT), Trump said, adding that “the security will be 100 percent. What's happening with TikTok? Here's the latest
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