Oracle: ByteDance won't own any of TikTok Global

As Tik Tok Negotiations Continue US App Ban Gets Delayed

TikTok and WeChat spared from US bans for now (APK Download) Still available on the Play Store and APK Mirror

TikTok did reject an offer from Microsoft has struck a deal with Oracle-whose leaders are political allies of the USA president.

Trump has for weeks threatened to ban TikTok, which is owned by China's ByteDance, on national security grounds unless an American company takes control of its United States operations.

Whereas ByteDance said that it would majority-own TikTok Global, Oracle and Walmart together said that ByteDance's ownership would be distributed to its investors - many of whom are US-based - and that ByteDance itself would have no direct stake.

The president had also previously said on Saturday he had given the deal between TikTok and the two United States giants his "blessing" and approved the deal "in concept". He said: "Do me a favour, could you put up $5 billion into a fund for education so that we can educate people as to the real history of our country - the real history, not the fake history". "We have to have total security".

The author also expressed concerns that in future, the U.S. government could target other Chinese firms toperating in the USA. The latest wrinkle: China's state-backed Global Times newspaper said in an editorial that Beijing is unlikely to approve what it termed an "unfair" deal.

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On Monday, President Trump told Fox News that he won't approve the deal unless Oracle and Walmart have "total control" of the company.

We've already covered what a ridiculous, pathetic grift the Oracle/TikTok deal was.

TikTok users rejoiced earlier in September when Oracle announced a deal to acquire parts of TikTok.

The deal requires approval from regulators in both Beijing and Washington, ByteDance has said. The board will consist of five board members, including Walmart CEO Doug McMillon.

The unidentified author of the Global Times editorial objected to there being only one board seat reserved for a Chinese national, as well as the stipulated inclusion on the board of a U.S-approved "national security director". It has said it has more than 100 million monthly active U.S. users, compared with 600 million daily users at mainland equivalent Douyin.

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"As TikTok and Douyin should have the same source code, this means the US can get to know the operations of Douyin", the Global Times said.

At similar efficiency levels, TikTok's new total of 26,000 US workers would be expected to make between $14 billion to $19 billion annually.

ByteDance, TikTok's parent company, stressed that it will not hand over any algorithm or technologies to the USA company but noted that Oracle has the authority to conduct security checks on TikTok's source code in the United States.

"ByteDance is an ordinary company in China".

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