Provided by - Francis Scialabba via the Morning Brew.
On Saturday, President Trump gave his “blessing” to the marriage of TikTok and major U.S. corporations Oracle and Walmart.
The details: Oracle and Walmart will reportedly take a combined 20% stake in the new company, TikTok Global. ByteDance, TikTok’s Chinese owner and the main character in this drama, is expected to keep 80%...but American interests control 40% of ByteDance, so the new company will have majority U.S. ownership, per the Trump administration.
But Trump's original demand for ByteDance to sell TikTok's U.S. operations over national security concerns isn't happening, which leaves some critics asking..."what was the point of all this again?"
Oracle and Walmart are happy: Oracle will get a big boost to its cloud business, which has lagged rivals like Amazon. Walmart will flex its e-commerce muscles to TikTok’s 100 million monthly active U.S. users.
Looking ahead…the Commerce Department delayed its order to ban TikTok from U.S. app stores. The other Chinese app under fire, WeChat, was also saved from an app store ban by a judge yesterday.