District Judge Carl Nichols granted a preliminary injunction sought by TikTok owner ByteDance to allow the app to remain available at U.S. app stores, before the 11:59pm Sunday deadline. The deal will see TikTok become a new Texas-based company, potentially bringing in 25,000 jobs, Trump said. Oracle will take a 12.5 per cent share in the new company, TikTok Global, while Walmart will take 7.5%. In their statement, Oracle and Walmart said TikTok Global would 'pay more than $5billion in new tax dollars to the US Treasury'. ByteDance had been racing to clinch a deal with the White House that would stave off a U.S. ban on TikTok.

Source: Daily Mail September 28, 2020 00:38 UTC