India throws TikTok a challenge after it clears deal with Oracle in US


A day after it was confirmed that Oracle and Walmart are willing to buy 12.5% stake in US operations of TikTok, India said its willing to reconsider if the management of the banned Chinese app wishes to re-engage with the government.


The deal which US President Donald Trump said was ‘approved’ by him will see the formation of a new corporate entity in the US –TikTok Global in which Oracle owns 12.5% and retail giant Walmart owns 7.5% while the rest is owned by TikTok’s Chinese parent ByteDance. The new entity will still largely be American as US investors have a 40% stake in ByteDance itself.


In India, the authorities are want to ensure that data stays within India’s jurisdiction and are willing to reconsider if the short-video app’s management comes up with a plan. The government authorities will also observe how TikTok India’s corporate structure changes.

21 views0 comments
  • Amazon Social Icon
  • Facebook Social Icon
  • LinkedIn Social Icon
  • Twitter Social Icon
  • Instagram

© 2021 by StartupNews. Proudly created in India