Tiktok USA saga : Bytedance says they will retail majority stake;Trump says we will retain majority
Based on ByteDance’s official statements. The key is that “China’s ByteDance confirms it will retain an 80% stake in TikTok after selling a total of 20% to Oracle, its ‘trusted technology partner,’ and Walmart, its ‘commercial partner.’”
That’s been our assumption, that Oracle is taking 12.5% in TikTok Global, and Walmart will take 7.5%. The deal terms would value TikTok at about $60 bn by some estimates.
In a new statement attributed to its executive vice president Ken Glueck, Oracle said that “Upon creation of TikTok Global, Oracle/Walmart will make their investment and the TikTok Global shares will be distributed to their owners, Americans will be the majority and ByteDance will have no ownership in TikTok Global.”
President Donald Trump has spoken out about the deal himself in places like CNBC, arguing that TikTok must be completely controlled by Americans.
“TikTok” the app is going to be housed in a new company called TikTok Global, that will be located outside of China proper. There appears to be no other “TikTok” entity. ByteDance will continue to own its China-centric apps Douyin (which also is a short video social service targeting the Chinese market), Toutiao, and others and obviously keep running them.