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Trump Celebrates TikTok Deal That Falls Short of Key Demands

  • App’s Chinese owner to still have 80% stake in new company
  • Trump gets U.S. headquarters, new job promises in showdown
Bloomberg business news
Watch: The Oracle-TikTok deal has been given the green light from President Donald Trump, potentially averting an app store ban in the U.S.(Source: Bloomberg)
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The TikTok video-sharing app was already under U.S. scrutiny when users pranked President Donald Trump’s campaign by pretending to reserve thousands of tickets to a June re-election rally in Oklahoma.

For Trump administration hardliners who wanted a tougher stance toward Beijing and viewed the Chinese-owned app as a national security threat, it was the perfect moment to pounce. The president, furious over the Covid-19 pandemic and embarrassed by empty seats at his campaign event, obliged.