China's ByteDance says TikTok will be its subsidiary under deal with Trump

Some sources close to the deal have sought to reconcile the discrepancy by pointing out that 41% of ByteDance is owned by U.S. investors, so by counting this indirect ownership TikTok Global would be majority owned by U.S. parties. One of the sources said the deal with Oracle and Walmart values TikTok Global at more than $50 billion.

Oracle and Walmart said in a joint statement on Saturday that four out of the five board of directors will be Americans. ByteDance also said a $5 billion payment of taxes TikTok Global is reportedly supposed to make to the U.S. Treasury is based on estimated income and other taxes the company will need to pay over the next few years and has nothing to do with the deal reached with Oracle and Walmart.

ByteDance owning the majority of TikTok Global and the algorithms means that ByteDance is “not out of the game” and has avoided the worst-case scenario, China’s state-run newspaper Global Times said in an editorial published on Sunday.

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