TikTok plan 20% sale to Oracle, seek a U.S. based IPO, Trump demands “total control”

TikTok have confirmed their plans for the future following Trump’s pressure on the app’s place in the United States.

After the U.S. announced last week that they would ban TikTok from US app stores on the 20th September, ByteDance have spoken. The Beijing-based company have confirmed that they will sell 20% to Oracle who will become their “trusted technology partner” and Walmart their “commercial partner” for operating in the US.

The Trump administration, with pressure from the president, ordered that TikTok sell their U.S. operations based on security concerns of citizens data with the Chinese company. Some commentators have pointed out that their new deals with U.S. companies don’t resolve the security concerns of many U.S. users.

ByteDance have announced that they will now seek to launch an Initial Public Offering in the U.S. to sell stock in an effort to “further enhance corporate governance and transparency”. It seems that they’re not going to split the app between territories to get over the U.S. problem, with plans to list their company as ‘TikTok Global’.

Since the statements from ByteDance, Trump has now put their solutions into question. He stated that the US companies “are going to have total control of [TikTok]” and that if they don’t then “we just won’t make the deal”.

He had previously given his approval over the Oracle sale but now it’s unclear whether any form of deal will work for TikTok other than a huge sale of U.S. operations in full. He added: “If we find [Oracle & Walmart] don’t have total control, then we are not going to approve the deal.”

Writing about music, listening to music, and occasionally playing music.

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