https://sputnikglobe.com/20200921/trump-oracle-walmart-will-have-total-control-of-tiktok-or-us-wont-approve-deal-1080526196.html

Trump: Oracle, Walmart Will Have Total Control of TikTok or US Won't Approve Deal

Earlier in the day, TikTok’s parent firm ByteDance stated that it would retain an 80-percent stake in the newly created American company TikTok Global. 21.09.2020, Sputnik International

2020-09-21T12:48+0000

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Trump: Oracle, Walmart Will Have Total Control of TikTok or US Won't Approve Deal

12:48 GMT 21.09.2020 (Updated: 13:05 GMT 06.08.2022)

This Feb. 25, 2020, file photo, shows the icon for TikTok in New York. - Sputnik International

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Earlier in the day, TikTok’s parent firm ByteDance stated that it would retain an 80-percent stake in the newly created American company TikTok Global.

US President Donald Trump said that Oracle and Walmart must have total control over TikTok, stressing that the deal won't be approved otherwise.

"They are going to have total control over it", Trump told Fox News in an interview. "If we find that they do not have total control, then we are not going approve the deal".

The White House has accused the Chinese app of providing Beijing with personal data of US citizens, setting a 12 November deadline for the company to find an American partner or fall under a ban. Both China's authorities and the app have denied the accusation.

Trump: Oracle, Walmart Will Have Total Control of TikTok or US Won't Approve Deal - Sputnik International

China and U.S. flags are seen near a TikTok logo in this illustration picture taken July 16, 2020. REUTERS/Florence Lo/Illustration

After negotiations, TikTok confirmed that it had reached an agreement with Oracle and Walmart on Saturday, saying that both companies would take part in a TikTok Global pre-IPO financing round. The deal was approved by the president, and following the announcement of the agreement, the US Commerce Department postponed the planned ban on new TikTok downloads until 27 September.