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ByteDance says TikTok proposal will need both Chinese and US approval

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The company says a sale of TikTok's operations or technologies is not included in its proposal to the US. FMTNews

BEIJING: ByteDance’s proposal for US software firm Oracle Corp to become a technology partner in its TikTok app will ultimately need approval from both Chinese and US officials, the company said on Thursday.

A person with knowledge of the matter told Reuters that ByteDance is to hold majority ownership of TikTok. The company also told state-backed newspaper Global Times on Thursday that a sale of TikTok’s operations or technologies is not included in its proposal to the US. ByteDance declined to comment when asked about this detail by Reuters.

 

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