ByteDance, a Chinese company that owns TikTok said on Monday that TikTok’s global business will become its subsidiary. However, Oracle and Walmart said that they and US investors would own the majority of the video app following a deal with US President Donald Trump’s administration.
Donald Trump on August 14 signed an executive order that gives ByteDance 90 Days to sell TikTok to continue it in the United States.
The administration has concerns that the personal data of 100 million Americans that is being transferred to China’s Communist Party government.
Trump on Saturday said that he supported the deal and this deal will allow TikTok to continue to operate in the United States.
As per the declaration of the two companies, the deal seems to be something different.
ByteDance said on Monday that it will own 80 per cent of TikTok’s global business whereas Oracle and Walmart, which have agreed to take stakes in TikTok Global of 12.5 per cent and 7.5 per cent respectively, had said on the weekend that majority ownership of TikTok would be in American hands.