How Trump’s TikTok Deal Order Paves Way For US Ownership? Explained | World News
On Friday, US President Donald Trump signed a manager order that approved an agreement containing the video sharing platform Tiktok, and pointed out a major shift for American ownership and control of the application.
After signing the order, Trump stressed that the US would use ‘strict control’ on the application and call it a ‘very good agreement’ for Washington.
Trump said that his decision was watching a recent telephone debate with Chinese President Xi Jinping on September 20, and Tiktok problem was a key issue.
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“I made a very good speech with President Xi, I respected him very much. I hope he respected me.
American investors will take responsibility for the application
Trump made sure that Tiktok will be managed by American investors and companies with the new regulation, and he would deal with concerns about data safety and security.
“American investors and American companies, big companies, are managed by the largest companies. Young people really wanted it to happen,” he added.
Oracle’s Larry Ellison will play a role
Emphasizing the role of US companies, Trump pointed out the participation of Oracle, saying that the company’s founding partner Larry Ellison and Oracle will play an important role in ensuring the safety and operations of the platform. The center of Oracle Corporation is located in Austin, Texas.
American control is strengthened, Chinese shares
Reports from the Wall Street Journal and The New York Times claimed that the US investors will control 80 percent of Tiktok within the scope of the proposed regulation, and that the remaining 20 percent of Chinese companies, including Bayat, will maintain the remaining 20 percent.
Trump also told journalists in the Oval office that Xi Jinping has already approved the agreement.
“I made a good call with President Xi. Tiktok approved the agreement. We are looking forward to closing the agreement. We must be signed; this may be a formality. Tiktok agreement is on the road and investors are preparing.”
Tiktok problem inside us
The issue of Tiktok focused after the legislation, which required the Biden administration to disposal Chinese ownership or face a prohibition. Following Trump’s talks with the XI, Tiktok’s mother -of -the -colors had a statement that confirms the commitment to advance the necessary work according to Chinese laws to ensure that Tiktok can continue activities in the United States.
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