ByteDance has said it will create a US subsidiary, TikTok Global, that will be part-owned by Oracle and Walmart – which in turn said TikTok Global’s board would comprise mainly Americans – to pacify the Trump administration which had planned to ban TikTok on security grounds. — Reuters
SHANGHAI: Beijing is unlikely to approve an “unfair” deal Oracle Corp and Walmart Inc said they have struck with ByteDance over the future of video-streaming app TikTok, state-backed newspaper Global Times said in an editorial.
The US majors have said they will buy into a new mainly US-owned company, TikTok Global, with a board of directors comprised mainly of Americans, as the parties work to pacify the administration of US President Donald Trump which had planned to ban TikTok in the United States on security grounds.
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