"We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the US Administration and settle questions around TikTok's future in the US.
"As part of this proposal, Oracle will become our trusted technology provider, responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied. We are currently working with Walmart on a commercial partnership as well. Both companies will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company. We will also maintain and expand TikTok's Global headquarters in the US, while bringing 25,000 jobs across the country.
"TikTok has won the hearts of hundreds of millions of people around the world, including 100 million Americans, because it's a home for entertainment, connection, and expression. We're delighted that the individuals who've turned their creativity on TikTok into thriving careers, the small businesses using TikTok to reach customers during the pandemic, and the families who've found joy and connection through our platform will be able to use TikTok for many years to come.
"Our team works tirelessly to provide a safe and inclusive platform and we're thrilled that we will be able to continue serving our amazingly diverse and creative community."