President Donald Trump has approved Oracle’s proposed deal to acquire TikTok’s US assets after speaking to Oracle chairman Larry Ellison and Walmart CEO Doug McMillon.
“I gave my blessing to the deal. If they can do it, that’s great. If not, that’s fine too, ”Trump told reporters on Saturday, Bloomberg reported. “I approved the deal in concept.”
TikTok Global, the new company formed by TikTok as part of the deal between Oracle and Chinese parent company ByteDance, is donating $ 5 billion to an education fund. Trump said this will meet the requirement of payment to the U.S. government for the proposed deal that was the subject of his talks with Ellison and McMillon.
According to Bloomberg, Oracle will have full access to TikTok̵
Walmart, which was part of a failed offer with partner Microsoft for TikTok’s U.S. assets, is still keen to invest and could potentially get a seat on the board of TikTok Global, according to one of the sources.
However, in order for the transaction to prevail, it must be approved by the Chinese government. According to reports, TikTok in the US would rather close than approve Trump’s request for a sale.
TikTok will be banned from US app stores along with WeChat from Sunday. The video sharing app will operate until November 12, unless Oracle’s proposed acquisition is completed before that date.