NEW YORK/BEIJING - China’s ByteDance said on Monday that TikTok’s global business will become its subsidiary, even as Oracle Corp and Walmart Inc said over the weekend that they and U.S. investors would own the majority of the video app following a deal with U.S. President Donald Trump’s administration.
ByteDance in its statement on Monday said it was a “rumor” that U.S. investors would be TikTok Global’s majority owners and that ByteDance would lose control over TikTok. Oracle declined to comment on ByteDance’s statement, while Walmart did not respond to a request for comment. Oracle and Walmart said in a joint statement on Saturday that four out of the five board of directors will be Americans.
Trump last week had said there would be a $5 billion U.S. education fund as part of the deal but ByteDance has said it was not aware of this.
It's a Trump deal...of course its misleading and against US interests.
Oracle and walmart are participating in a pre IPO funding round and can only buy up to 20%
Cancel the deal. Block the app. Problem solved.
Trump’s Tik Tok deal is nothing more than a payoff to campaign contributors and does nothing for security.
This whole approach is dumb.
🇨🇳🎙️
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