On Monday, Trump indicated that Walmart and Oracle would “own the controlling interest. In a statement Monday, ByteDance claimed that TikTok would be “a 100% owned subsidiary of Bytedance,” but a person familiar with the deal said that was inaccurate. The initial announcement implied that ByteDance would continue to own the remaining 80% of TikTok going forward, raising questions about how that could resolve the Trump administration’s national security concerns about TikTok’s ownership by Chinese interests. The statement from Oracle appeared to muddy an already confusing situation after it and Walmart announced on Saturday they would be taking a 20% share of TikTok under the proposed deal. “Americans will be the majority and ByteDance will have no ownership in TikTok Global,” said Glueck. Oracle executive vice president Ken Glueck said ByteDance will not own any part of the viral video app. There also appears to be a great deal of confusion over TikTok’s proposed ownership structure after the deal, with Oracle and ByteDance releasing contradictory statements on Monday.
#WHO CURRENTLY OWNS TIKTOK FULL#
US will ban WeChat and TikTok downloads on Sundayīut the deal stops well short of the full sale of TikTok that Trump originally wanted, and its structure contradicts his claim on Saturday that the app will be “totally controlled” by Walmart and Oracle. TO GO WITH "Planned TikTok deal entails China's approval under revised catalogue: expert"Ĭhina Technology Revised Catalogue Tiktok - Chine Nouvelle/Sipa/Shutterstock The logo of TikTok is seen on a smartphone screen in New York, the United States, Aug. Mandatory Credit: Photo by CHINE NOUVELLE/SIPA/Shutterstock (10760180d) “I have given the deal my blessing,” Trump said. Speaking to reporters over the weekend, Trump said he approved the deal “in concept.” ByteDance confirmed in a statement that TikTok Global’s board “includes the founder of ByteDance … as well as the CEO of Walmart.” The fifth person is likely to be ByteDance and TikTok founder Zhang Yiming, according to a person familiar with the deal. Four of the company’s five board members would be Americans, Oracle and Walmart said in a joint statement. Over the weekend, Trump gave his blessing to a deal that would give Oracle and Walmart a combined 20% stake in a new company called TikTok Global, which would be headquartered in the United States and operate the app. The company has said its data centers are located entirely outside of China and that none of that data is subject to Chinese law. TikTok has roughly 100 million users in the United States, and Trump claims the app gives Beijing access to the personal data of Americans. Trump has for weeks threatened to ban TikTok, which is owned by China’s ByteDance, on national security grounds unless an American company takes control of its US operations.
It’s also about the future of US-China relations, and the rough new terrain businesses are forced to navigate as tensions between the world’s two biggest economies ramp up. What is clear is that the fight over TikTok is bigger than who owns an app popular with Generation Z. Trump says he has approved a deal for purchase of TikTok
(Photo by Mario Tama/Getty Images) Mario Tama/Getty Images operations of its popular social media app in the coming weeks following threats of a shutdown by the Trump administration. The Chinese-owned company is reportedly set to announce the sale of U.S. CULVER CITY, CALIFORNIA - AUGUST 27: The TikTok logo is displayed outside a TikTok office on Augin Culver City, California.
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