In the case of TikTok, the video-sharing platform announced yesterday that it has secured plans to sell a 20% stake that will be shared between Oracle and Walmart before going public as a USA -based company.
Beijing previously announced the addition of several artificial intelligence technologies, including "personalized content recommendations based on data analysis", to its list of restricted exports, which created a major roadblock for ByteDance to sell TikTok's US operations.
The government on Saturday delayed a plan to prohibit downloads of TikTok, the popular video-sharing app.
"I approved the deal in concept", Trump told reporters Saturday as he left the White House for a campaign rally in Fayetteville, North Carolina. "Conceptually it's a great deal for America".
The new company, TikTok Global, will have a majority of U.S. directors along with a United States chief executive and security expert.
Trump said TikTok Global will be headquartered in Texas and employ "at least" 25,000 people.
Walmart said it will provide its ecommerce, fulfillment, payments and other services to the new company. "They'll be using separate clouds and a lot of very, very powerful security", Trump said.
The US Commerce Department said Friday that according to the Aug 6 order, as of Sunday, any moves to distribute or maintain TikTok on app stores such as Apple Store and Google Play will be prohibited, and a more extensive ban against the app would be applied starting from Nov 12.
"We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok's American users, and users throughout the world", Catz said. Walmart agreed to purchase a 7.5% stake in the popular video-sharing app, according to Bloomberg.
In a joint statement, Oracle and Walmart said TikTok Global would "pay more than 5 billion in new tax dollars to the US Treasury", while they and the other companies involved in the deal would launch an initiative to develop online education.
Four of the five board members of TikTok Global will reportedly be Americans, including Walmart CEO Doug McMillon. The ban was to go into effect Sunday, but the order has been delayed until September 27 at 11:59 p.m. local time, the Treasury Department said after Trump said he approved Oracle Corp.'s bid for the US operations of TikTok "in concept".
WeChat users who filed a lawsuit against the government "have shown serious questions going to the merits of the First Amendment claim, the balance of hardships tips in the plaintiffs' favor", the San Francisco-based judge said in an order dated Saturday.
Under a separate executive order issued last month, TikTok owner ByteDance has until November 12 to complete a sale of its US operations. It's owned by Chinese tech giant Tencent and has an average of 19 million daily active users in the U.S., analytics firms Apptopia said in August.