Flags of China and US are seen near a Bytedance logo in this illustration picture taken on September 18, 2020.
Trump has targeted Chinese-owned TikTok for national security and data privacy concerns in the latest flashpoint in the rising tensions between Washington and Beijing. Oracle's stake would be 12.5%, and Walmart's would be 7.5%, the companies said in separate statements.The deal will make Oracle responsible for hosting all TikTok's US user data and securing computer systems to ensure US national security requirements are satisfied. Walmart said it will provide its ecommerce, fulfillment, payments and other services to the new company.
Further restrictions that would prevent TikTok from accessing essential internet services in the country would go into effect on Nov. 12. Commerce said Saturday that it will delay the barring of TikTok from US app stores until Sept. 27 at 11:59 p.m. US Magistrate Judge Laurel Beeler asked lawyers for the government and WeChat users whether the prohibitions would cripple WeChat as soon as the clock ticked from Sunday night into Monday morning without a resolution. An attorney for the government said they would likely lead to a “degradation” of WeChat over time.WeChat has millions of US users who rely on the app to stay in touch and conduct business with people and companies in China and around the world.
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Source: Reuters - 🏆 2. / 97 Read more »