TikTok set to become a standalone US company to satisfy White House

ByteDance will place TikTok’s global business in a new US-headquartered company with Oracle investing as a minority shareholder, said people briefed on a plan presented to US officials to avoid a ban of TikTok by President Donald Trump.

As part of the proposal, Oracle will have a stake in the whole of TikTok and not just the US operations, while ByteDance, the Chinese group that owns the app used by millions of teenagers, will be the majority shareholder of the new entity.

Other US investors, potentially including the world’s largest retailer Walmart, which had launched a joint bid with Microsoft, would own a minority stake. People briefed on the discussions stressed that the exact details are still subject to change.

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