TikTok Sale to Walmart, Oracle Shelved Amid Biden Review: WSJ
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TikTok’s forced sale to Walmart Inc. and Oracle Corp. has been shelved indefinitely as the Biden administration takes on a broad review of national security risks posed by Chinese technology companies initiated under his predecessor, according to the Wall Street Journal.
Former U.S. President Donald Trump had ordered the popular video app, which is owned by China’s ByteDance Ltd., be sold to an American company last year, citing national security concerns about users’ data falling into the hands of Chinese authorities. But multiple legal challenges held up a deal. The most recent ruling on Dec. 7 said Trump’s executive order likely overstepped his authority.