Watch for Hawks Looking to 'Scuttle' the TikTok Deal, Jim Cramer Says
Oracle reportedly will get full access to review TikTok’s source code to ensure there are no back doors used by TikTok's Chinese parent ByteDance to gather data on the video-sharing app’s American users. Bloomberg cited people familiar with the matter in its report on the deal.
ByteDance and Oracle submitted these details in their proposal to the Trump administration with a goal of averting a sale of the app or a shutdown of its U.S. operations by the Sept. 20 deadline.
However, Bloomberg reported, the terms of the agreement seem to fall short of meeting national security concerns expressed by administration officials.
President Donald Trump said Wednesday he wasn't happy with terms of the agreement that would allow ByteDance to retain a majority of TikTok's assets, with Oracle acquiring a minority stake.
“Just conceptually, I can tell you I don’t like that,” Trump said.
“I’m not prepared to sign off of anything,” he continued. “I have to see the deal.”
Then, on Thursday morning, CNBC reported that the deal will include Oracle getting a 20% stake and Walmart is back in on the deal.
Remember just a few days ago when Jim Cramer warned to keep an eye out on Walmart?
Well, keep your eyes peeled.
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