The Tiktok-Oracle Deal Does Not Get A Green Signal From President Donald Trump
U.S. President Donald Trump said on Wednesday that he was not prepared to sign off the deal between Chinese video-sharing platform TikTok and U.S. multinational computer technology corporation Oracle. He also acknowledged that there is no legal way that the U.S. treasury could get a cut of the deal.
He was vastly criticized for proposing this before by the experts.
He revealed to the White House reporters on Wednesday evening that he was not ready to sign off the deal and would like to see the deal before.
Not all Americans like the deal between the two companies. Most are concerned that the Chinese company ByteDance Ltd. would gain access to more than 100 million users of TikTok in the country.
Trump also said, ‘It has to be 100% as far as national security is concerned.’
Donald Trump earlier proposed a ban on the Chinese owned company TikTok unless they sell it an American company. He alleged the company of censoring different content at the order of the Chinese Communist Party, which they found politically aggravating. He further accused TikTok of being a source of disinformation campaigns and feared that it could give Chinese officials the access to the personal data of millions of Americans.
TikTok denies all the allegations saying they had never shared any data of its American users to the Chinese government and the Chinese Communist Party has no power over them that could cause them to censor certain videos. They explained that all their U.S. operations are managed by a U.S. team.
The president revealed on Thursday that he did not know that the treasury would not get a cut of the deal in exchange for signing off the deal.
He said that he was amazed to find out that the treasury won’t be receiving payment because it was against the law. He called the rules of the country foolish as there was no legal path on making money on the deal.
The Chinese-owned company reportedly has over 100 million users in the states and 700 million users worldwide. The platform became extremely popular among American youths quickly because of its smoother and advanced technology.
According to reports, Oracle will only oversee the technical operation in TikTok’s U.S. operation, review and update the codes but will not develop them.
I am Darryl Broadhurst and i give investors an insight into the most recent news hitting the “Technology” sector in Wall Street. I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicizes valuable information for shareholder community.
