ByteDance, Oracle at loggerheads over terms of TikTok agreement
- 4 years ago
ByteDance and Oracle Corp issued conflicting statements on Monday over the terms of an agreement they reached with the White House over the weekend to allow TikTok to continue to operate in the United States, casting doubt on President Donald Trump's preliminary blessing of the deal.
ByteDance said on Monday that it will own 80% of TikTok Global, a newly created US company that will own most of the app's operations worldwide, they added that TikTok Global will become its subsidiary.
Oracle and Walmart Inc, which have agreed to take stakes in TikTok Global of 12.5% and 7.5% respectively, had said on Saturday that majority ownership of TikTok would be in American hands.
ByteDance said on Monday that it will own 80% of TikTok Global, a newly created US company that will own most of the app's operations worldwide, they added that TikTok Global will become its subsidiary.
Oracle and Walmart Inc, which have agreed to take stakes in TikTok Global of 12.5% and 7.5% respectively, had said on Saturday that majority ownership of TikTok would be in American hands.