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Oracle announces it will become a minority investor in TikTok Global after Trump indicates his approval

Oracle announces it will become a minority investor in TikTok Global after Trump indicates his approval


Reuters




Oracle announced Saturday it will become a minority investor in TikTok's global business, and will be its designated its "trusted technology provider."




The news is the latest development in the saga of TikTok, the viral video app which was pressured into selling itself to a US-based company amid national security concerns over the app's ties to China.




On Friday, Trump signed an executive order that would ban new downloads of TikTok and popular chat and commerce app WeChat, effective Sunday, September 20th.




But by Saturday evening, Trump announced he had given the Oracle deal his "blessing."




Visit Business Insider's homepage for more stories.


A deal that would give Oracle a minority stake in TikTok's global business was announced Saturday evening and received President Donald Trump's approval, clearing the way for the popular video app to continue operating in the US.The enterprise software company announced in a statement it had taken a 12.5% stake and become the app's secure cloud technology provider. In a statement Saturday evening, TikTok confirmed the news and said it was also working with Walmart on a commercial partnership.
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