The latest update regarding new Tiktok deal is here. Yes, you heard it right, Tiktok is now for sale for its survival in the market
An emerging deal is offered to the US companies by Donald Trump to own and reshape the popular Chinese app Tiktok. The deal is approved on the basis, that the new molded app would become a powerful online medium , which could challenge Facebook Inc’s dominance in social media.
Last week, the US department of commerce claimed that if an acceptable deal is not reached, it would ban the new updates and downloads from 20 September before it completely bans on 12 November.
ByteDance made a tentative deal over the weekend to create Tiktok Global, the US auxiliary owned by the entities Oracle and Walmart. Amongst five, four of the board members would be Americans, and one is ByteDance’s founder, Zhang Yiming. This deal seems conflicting, as Oracle and Walmart say they would own 20%, while ByteDance would own 80% and the remaining is to be floated.
Oracle’s wise president claimed that their company will make investment for the Tiktok Global, shares will be distributed to their owners. Americans will be in majority and ByteDance will not have majority shares. Buzz is that the President is likely in the support of the Oracle Walmart combined bid, also wanting the complete ownership in the US.
Many Chinese companies are also concerned with the issue as the complete handover of the app to US is being claimed. Mr.Hu Xijin, the editor of Global Times posted on twitter on Monday stating that Beijing won’t approve the current agreement between ByteDance, Tiktok’s parent company and Oracle, Walmart as it would endanger China’s national security, interests and dignity. Since, the issue is still on talks , we have to wait to see where the issue concludes.