USA bans TikTok, WeChat citing national security risks, collection of personal data

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The company said that the 5 billion USA -dollars is based on estimated income tax and other taxes that TikTok will need to pay in the next few years. TikTok added 247,000 new installs Friday, marking a 12 percent increase from Thursday, Sensor Tower's data showed. "Data privacy for 100M American TikTok users will be quickly established by moving all American data to Oracle's Generation 2 Cloud data centers, the most secure cloud data centers in the world", the companies say.

Earlier this week, Oracle made a notable statement to reporters regarding the ongoing deal with TikTok's parent company.

White House senior adviser Jared Kushner is aware of the revised terms but hasn't reviewed the latest details in depth and hasn't weighed in on whether Trump should sign off on the deal, one person familiar with the matter said. This differs significantly from previous reports that had said that ByteDance will still maintain a majority stake in the popular social media platform, which was previously a share of 80 percent to ByteDance and just 20 percent to Oracle and Walmart.

Chinese officials have repeatedly stressed the position that ByteDance should not be coerced by the U.S.

While ByteDance said they will get the remaining stake, Oracle said it will be divided among American investors. We know that any approved deal must satisfy all regulatory and national security concerns'. Venture firms, including Sequoia Capital and General Atlantic, may also acquire equity in the new business. TikTok said on Saturday that it will maintain and expand TikTok Global's headquarters in the US, providing 25,000 jobs across the country.

Original Story: The Department of Commerce has ordered that downloads for mobile apps TikTok and WeChat be banned in the United States from Sunday.

"They are going to buy it", Trump said in an interview with Fox News, referring to Oracle and Walmart.

All U.S. data and security systems would be hosted by Oracle.

Amid the confusion, it is also clear that the company will have to be based in the USA and will run in a cloud operated by Oracle.

Terms of the proposed deal would give Oracle full access to TikTok's source code and updates to make sure there are no back doors used by the company's Chinese parent to access data on the video-sharing app's 100 million American users, Bloomberg reported.

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