© Reuters. FILE PHOTO: US President Joe Biden, accompanied by US Vice President Kamala Harris and Treasury Secretary Janet Yellen (not pictured), attends a meeting with executives in the Oval Office of the White House in Washington
(Reuters) – Oracle Corp. (NYSE 🙂 and Walmart (NYSE 🙂 Inc plans to buy TikTok’s U.S. operations have been pushed back indefinitely as President Joe Biden reviews the previous administration’s efforts to address potential security risks facing Chinese tech companies, the Wall Street Journal reported on Wednesday .
Former President Donald Trump’s administration cited national security concerns in targeting TikTok, arguing that the personal data of US users could be accessed by the Chinese government, while TikTok denies the claim.
This is due to the fact that TikTok’s parent company ByteDance is in a lawsuit with the US government. Many federal courts prohibit the Department of Commerce from attempting to cease TikTok’s operations in the United States.
Talks between representatives from ByteDance and US national security officials continued, the WSJ report said (https://on.wsj.com/3a6KA8z), citing people familiar with the matter.
TikTok has been in talks with Walmart and Oracle since September to finalize a deal to convert TikTok’s U.S. assets into a new entity to prevent a total ban on use in the country.
TikTok has over 100 million users in the US and has a simple user interface, background music options, and various special effects that allow users to create fun short videos.
TikTok, Oracle and Walmart did not immediately respond to Reuters’ requests for comment.
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