TikTok satisfied with proposal resolving US security concerns

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# 10:15
20 September 2020

Agreements reached with US-based Oracle and Walmart will resolve concerns of the US Administration, TikTok, the mobile application operator, tweeted on Saturday, APA reports citing TASS.

"We are pleased that the proposal by TikTok, Oracle and Walmart will resolve security concerns of the US Administration and settle questions around TikTok’s future in the US," the company says.

Oracle will become the "trusted technology provider, responsible for hosting all US user data and securing associated computer systems, TikTok noted. Oracle and Walmart will take part in the financing round preceding the IPO of TikTok. The cumulative stake of the two US companies in the social network segment can be up to 20%, TikTok noted.

The deal on acquisition of the US segment of TikTok by Oracle and Walmart companies is conceptually approved, US President Donald Trump told reporters earlier on Saturday.

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THE OPERATION IS BEING PERFORMED