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TikTok’s Chinese parent company has scrapped its plans to sell the video-sharing app’s US operations, according to a new report.
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Beijing-based tech giant ByteDance has shelved its proposed deal with American firms Oracle and Walmart now that former President Donald Trump is out of office, the South China Morning Post reported Sunday.
Trump’s departure from the White House took away the impetus for the deal given that he was the one who threatened to ban TikTok in the US unless ByteDance sold the app’s American operations, the Hong Kong-based newspaper says.
TIKTOK SALE TO ORACLE, WALMART IS SHELVED AS BIDEN REVIEWS SECURITY
“The deal was mainly designed to entertain demands from the Trump administration,” an unnamed source who was briefed on the situation told the outlet. “But Trump is gone, and the raison d’être of the deal is gone with him.”
TikTok declined to comment on the report, and Oracle did not immediately respond to a request for comment Monday.