Earlier this week, Oracle made a notable statement to reporters regarding the ongoing deal with TikTok’s parent company. The company said that ByteDance will have no ownership over the new TikTok venture.
According to the company, “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.” This differs significantly from previous reports that had said that ByteDance will still maintain a majority stake in the popular social media platform, which was previously a share of 80 percent to ByteDance and just 20 percent to Oracle and Walmart.
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Notably, this news also arrives slightly after the US President, Donald Trump, stated that he might not sign off on the TikTok-Oracle deal, especially if an American company did not have a majority share in TikTok. In other words, the short video making app had to have an American firm behind it to continue its operations, which is indicative of the frictions between the US and China.
Unfortunately, ByteDance has yet to respond to this statement while Oracle has also declined to further elaborate on this when it was reached out by TheVerge. At the moment, many are still concerned regarding the national security concerns that surround TikTok and it also remains to be seen just how the Chinese government responds to the matter.
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