TikTok, Oracle and Walmart deal will be finalized next week: Ban on the application delayed till 27th September

TikTok has still got a second chance to win its identity back. The US government has given the application a second chance just so it can review the deal between Oracle and Walmart. A delay has been provided to the application of one week. It is said that a potential deal can be signed between Oracle, Walmart and TikTok just to help the application from getting banned in the US. A potential ban was to be carried out on Sunday but it has been cancelled due to the talks of this deal. The concerned authorities of the US have moved the due date to 27th September.

Oracle and Walmart will be taking control of the application in the US to solve all of the security concerns of President Trump. The parent company of the application will not have any say in the operations of the application in the US now. The parent company of the application, ByteDance has valued the application by $60 billion. Oracle will be taking around a 12.5% share of the application. Walmart, on the other hand, will be buying a 7.5 % share of the application. Both of the companies will be paying around 12 billion dollars.

Both of the companies will be combining the operations and a new company will be formed called TikTok Global. The parent company of the application will have no authority over decision making. ByteDance will also not be able to look into any procedures related to the US users information. The data of all of the US users will be hosted by Oracle. The board of directors will include Walmart’s Chief Executive Officer Doug McMillon. The board members will mostly consist of Americans. The headquarter of the application will be in Texas. Thousands of jobs will be created by the opportunity. The confirmation notice about the deal will be displayed next week.