TikTok's Oracle and Walmart deal to be suspended
Chinese owned app TikTok may have pulled out of a deal with oracle and Walmart. These suspensions may be due to Washington's new stance against Chinese business.
TikTok's deal with Walmart and oracle off the table
The report states that a plan to sell TikTok's US business to Oracle and Walmart may be off the table or ended indefinitely. During the administration of Mr. Donald Trump, it was asked by the founder, ByteDance, to change its America operations due to national security issues.
The government then gave a deadline of November 11, which they had to extend thrice. All parties in the deal have remained mute on the matter, but inside sources say there is no progress with the agreement. It seems postponing the deal shows a gentle approach from the Biden administration towards the Chinese technology business.
Walmart and oracle were having discussions with TikTok for months, which aims to ratify a deal that will make the video app Americans asset be transferred to a new entity, making them avoid a complete ban. Top news media like Reuters and Wall Street Journal are saying the deal may be off the table.
President Biden to review US stance on Chinese business
It is not understood why none of the parties have refused to say anything about the rumors. It has been reported that the Biden new administration wants to conduct some review of Mr. Trump China's policy and see which one will benefit his administration.
A White House source has said there isn't a specific timeline for this review, and no new order has been given. In related news, the US Justice Department has halted some cases challenging Trump's policies against TikTok.
Industry analysts have insisted that the suspension of this deal may be related to the decision of the Biden government to take a soft route with the Chinese firm. The administration of the new president has in recent times tried to overturn Trump's policies against foreign nations.