In 2020, the Trump administration pressured ByteDance, the Chinese parent company of TikTok, to divest its US operations due to national security concerns. The proposed deal that emerged involved Oracle and Walmart acquiring a significant stake in a newly formed entity, TikTok Global. However, the deal quickly drew scrutiny, with critics arguing that it appeared to be more of a sweetheart arrangement for politically connected billionaires than a genuine solution to security risks.

One of the primary concerns revolved around the valuation of TikTok Global. Reports suggested a valuation of around $60 billion, with Oracle and Walmart collectively acquiring a 20% stake. However, analysts questioned whether this valuation accurately reflected the true worth of TikTok's US operations, considering its massive user base and rapid growth. Some argued that the deal represented a significant undervaluation, potentially benefiting Oracle and Walmart at the expense of ByteDance.

Further fueling the controversy was the perceived influence of individuals with close ties to the Trump administration. Critics pointed to the potential for these individuals to profit handsomely from the deal, raising questions about conflicts of interest. The structure of the deal, with Oracle taking the lead in data security and Walmart focusing on e-commerce integration, also raised eyebrows. Some questioned whether these companies possessed the necessary expertise to effectively address the alleged national security threats posed by TikTok.

Ultimately, the Trump administration's TikTok deal remains a subject of debate. While proponents argued that it was necessary to protect US data and national security, critics contended that it was a flawed and potentially corrupt arrangement that prioritized the interests of politically connected individuals over genuine security concerns. The deal's legacy serves as a cautionary tale about the potential for political influence to distort regulatory decisions and create opportunities for undue enrichment.