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President Trump on Saturday said he signed off on the proposed deal between Oracle and TikTok. The Commerce Department confirmed it would delay the initial TikTok ban by one week.
Under the partnership, which still needs to be officially approved by the U.S. and Chinese governments, Oracle will be TikTok's "trusted technology provider" to host all U.S. data and secure its computer systems.
"TikTok picked Oracle's new Generation 2 Cloud infrastructure because it's much faster, more reliable and more secure than the first generation technology currently offered by all the other major cloud providers," said Oracle Chief Technology Officer Larry Ellison, a top fundraiser for Trump, in a statement.
TikTok also confirmed it is in talks to bring on Walmart as a "commercial partner."
"The president has reviewed a deal among Oracle, Walmart and TikTok Global to address the national security threat posed by TikTok's operations," said Treasury Department spokesperson Monica Crowley. "Approval of the transaction is subject to a closing with Oracle and Walmart and necessary documentation and conditions to be approved by CFIUS."
Under the proposal, Oracle and Walmart would take up to a 20% stake in TikTok.
Emily Birnbaum ( @birnbaum_e) is a tech policy reporter with Protocol. Her coverage focuses on the U.S. government's attempts to regulate one of the most powerful industries in the world, with a focus on antitrust, privacy and politics. Previously, she worked as a tech policy reporter with The Hill after spending several months as a breaking news reporter. She is a Bethesda, Maryland native and proud Kenyon College alumna.