- China’s ByteDance is planning a U.S. initial public offering of TikTok Global, the new company that will operate the popular short video app, should its proposed deal be cleared by the White House, people familiar with the matter said on Thursday.
Trump ordered ByteDance last month to divest TikTok amid U.S. concerns that the personal data of as many as 100 million Americans who use the app could be passed on to China’s Communist Party government. On Wednesday, he reiterated he was opposed to ByteDance retaining majority ownership of TikTok. There is no certainty over whether Trump will sign off on the agreement. It was also not immediately clear what assets TikTok Global would own beyond the app’s assets in the United States.
The filing of the IPO would be on a U.S. stock exchange and could come in about a year, the sources said. It is not clear what Oracle or Walmart will pay for its stake. Oracle, Walmart and Treasury did not immediately comment. The White House has stepped up efforts to purge what it deems “untrusted” Chinese apps from U.S. digital networks. Beyond TikTok, Trump has also issued an order prohibiting transactions with Tencent Holding Ltd’s messenger app WeChat.
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