After the US Department of Commerce issued a ban, TikTok strongly protested and said that it continued to push forward the lawsuit, and TikTok’s destiny ushered in new changes.
On September 20, TikTok issued a statement stating that in order to ensure that 100 million American users can continue to use TikTok’s highly popular video and content application, meet U.S. government regulatory requirements, and strengthen TikTok’s U.S. business, ByteDance, Oracle, and Wal-Mart The “California on the Cloud” plan reached a principled consensus. The three parties will follow this consensus and reach a cooperation agreement that meets the legal requirements of the United States and China as soon as possible.
IT Home understands that according to the proposal, TikTok’s headquarters will remain in the United States, and Oracle will become TikTok’s partner in data security compliance, providing cloud architecture services for US users. The cooperation model between the two parties is similar to Apple’s data security compliance cooperation in China from Guizhou on the cloud. Since TikTok’s US business has offices in Los Angeles, California, the program is also called “California on the Cloud.” The program does not involve technology and algorithm transfer .
According to reports, TikTok will add 25,000 jobs in the next few years to support rapid business development. At the same time, under the control of Bytedance, TikTok will form a new board of directors and management. TikTok will start a new round of financing of no more than 20% in the same period, and Oracle and Wal-Mart will be introduced as potential investors with the right of first refusal. If market conditions permit, TikTok will complete an initial public offering (IPO) in the United States within one year.
At the same time, TikTok will also jointly invest US$5 billion with Oracle, Wal-Mart, GA, and SIG to establish a global education foundation to improve global education through technology and online videos.
“Oracle Cloud Infrastructure will empower TikTok’s next phase of development, and at the same time, ensure that the company’s business adheres to the most stringent security standards.” Oracle founder and chief technology officer Larry Ellison (Larry Ellison) said. “TikTok, Oracle and Wal-Mart will join hands to promote the development of the next global Internet giant.”
“Walmart is very pleased to work with Bytedance and Oracle to build TikTok into a more popular service application in the United States.” said Doug McMillon, CEO of Walmart. “We look forward to the final completion of the transaction, start serving our customers, and create more jobs.”
The proposal has been initially approved by the US government, which will allow US users to continue using TikTok. On Saturday, Trump left the White House for a campaign rally in Fayetteville, North Carolina, and told reporters that he had agreed to this plan in principle. However, the plan will eventually take effect, and it still needs the final formal agreement of all parties.
Earlier, on September 18, the U.S. Department of Commerce announced in the name of national security and data privacy that it would ban TikTok from downloading and updating app stores in the United States from September 20. TikTok then strongly stated that it opposes the decision of the US Department of Commerce and is deeply disappointed. It will continue to advance lawsuits against US administrative orders to protect the legitimate rights and interests of users, creators, partners, and the company.
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