TikTok and WeChat applications ban delayed with successful management. These two popular also China-based apps delayed for one week.
A few weeks later, Donald Trump wants to ban TikTok and WeChat. Because over concerns that ByteDance revealed a national security risk. The Commerce Department issued an order that would have prohibited new downloads as of this Sunday. And, according to the analytics, with an 800 percent week-over-week increase last week.
For this ban problem, TikTok’s Chinese owner ByteDance company is seeking a valuation of $60 billion for the application. So with this valuation, Oracle and Walmart would pay a combined $12 billion for their stakes to buy this application.
Also, for WeChat, a judge in California court has blocked the Commerce Department’s ban on new downloads of this messaging application.
ByteDance also shared a statement about TikTok offers:
— TikTok_Comms (@tiktok_comms) September 19, 2020
“We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the U.S. administration and settle questions around TikTok’s future in the U.S.
As part of this proposal, Oracle will become our trusted technology provider, responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied. We are currently working with Walmart on a commercial partner as well. Both companies will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company.
The company also added:
“We will also maintain and expand TikTok Global’s headquarters in the US while bringing 25,000 jobs across the country. TikTok has won the hearts of hundreds of millions of people around the world, including 100 million Americans. Because it’s a home for entertainment, connection, and expression.
We’re delighted that the individuals who’ve turned their creativity on TikTok into thriving careers, the small businesses using the app to reach customers during the pandemic, and the families who’ve found joy and connection through our platform will be able to use TikTok for many years to come. Our team works tirelessly to provide a safe and inclusive platform and we’re thrilled that we will be able to continue serving our amazingly diverse and creative community.”