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Yahoo BusinessSep 20, 2020
China's ByteDance says TikTok will be its subsidiary under deal with Trump
China's ByteDance said on Monday that TikTok's global business will become its subsidiary, even as Oracle Corp and Walmart Inc said over the weekend that they and U.S. investors would own the majority of the video app following a deal with U.S. President Donald Trump's administration. Trump signed an executive order on Aug. 14 giving ByteDance 90 days to sell TikTok, amid concerns that the personal data of as many as 100 million Americans that use the app could be passed on to China's Communist Party government. On Saturday, he said he supported a deal in principle that would allow TikTok to continue to operate in the United States.


Yahoo BusinessSep 20, 2020
ByteDance Asserts Control of TikTok and Contests $5 Billion Fee
(Bloomberg) -- ByteDance Ltd. emphasized it will remain in control of a hived-off TikTok Global business, appearing to contradict President Donald Trump's statements about how the new entity will be directed by Americans and pay an unusual $5 billion fee to the U.S. government.The world's most valuable startup sought to play down speculation it's giving up control of valuable Chinese technology and assets after striking a deal with Oracle Corp. and Walmart Inc. to create TikTok Global. ByteDance will retain full control of its prized social media algorithms and allow Oracle only limited access to view source code for "safety" purposes, the company said in a statement posted to its domestic news service Toutiao Monday.Walmart Chief Executive Officer Doug McMillon will join TikTok's board. But ByteDance founder Zhang Yiming and the Chinese company's current directors -- which include Sequoia China's Neil Shen and General Atlantic's William Ford -- will reprise their roles. The statement made no mention of Oracle getting a seat, even though ByteDance said Larry Ellison's company is slated to own 12.5% after a round of funding before TikTok Global goes public within a year. Walmart and Oracle have said American citizens will take up four of the five board seats for TikTok Global.In a blog post entitled "clarifying groundless rumors about TikTok," ByteDance contested Trump's assertions his government will get $5 billion as part of the deal. It said that figure was just an estimate of the amount

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TikTok Deal Exposes a Security Gap, and a Missing China Strategy (NYTimes Business)

Yahoo BusinessSep 20, 2020
Oracle TikTok Deal Wins Trump's Blessing: Deal at a Glance
(Bloomberg) -- Oracle Corp.'s agreement to take a stake in TikTok has won the long-awaited blessing of U.S. President Donald Trump.The proposal, which would give Oracle and other investors minority ownership of a new company called TikTok Global, still needs approval from regulators in China, where TikTok's parent ByteDance Ltd. is based.Trump's praise for the agreement suggests that weeks-long deliberations over the fate of a popular music and video-sharing app are nearing completion. ByteDance began holding discussions with investors in its U.S. operations after the Trump administration threatened to shutter the business, saying that it poses a threat to national security.While some of the terms remain undetermined, here's what's known about the deal, based on public statements and people with knowledge of the matter:What We KnowWho's in and who's outOracle plans to take a 12.5% stake in a round of financing that would precede an IPOTikTok also said that together, Oracle and Walmart Inc. could end up with as much as 20%The new company, called TikTok Global, will raise a pre-IPO round of financing and seek a U.S. IPO in less than 12 monthsA host of other companies made proposals or considered bidding; Microsoft Corp. was rebuffed because it wanted to control all of TikTok in the U.S., a condition that didn't sit well with BeijingWhat the deal looks likeOracle will be TikTok's "trusted technology provider," meaning Oracle will house the entity's data in its U.S. servers -- a boon to a cloud computing busi
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