TikTok appears to have avoided a US ban at the last minute... probably. President Trump has agreed to a deal “in concept” (via CNBC) that theoretically allays US security issues while letting it operate in the country. True to earlier discussions, Oracle and Walmart would claim a 20% investment stake in a newly formed TikTok Global company that will run the social video service’s business in the US and “most of the users” worldwide. Oracle would become TikTok’s “secure cloud provider” and hold on to American data, while Walmart would wield its e-commerce and advertising technology.
The deal will also see TikTok Global pay over $5 billion in “new tax dollars” to the US Treasury, and join with Oracle, Walmart and investors like Coatue and Sequoia to launch an AI-powered educational video curriculum. The program would teach kids basics like math, reading and science, as well as more advanced subjects like computer engineering.