Bytedance is planning to list Tiktok Global, a joint venture set up to operate the short-video app in the US, pending approval of the proposed deal by the US government, Reuters reported.
Details: The joint venture, dubbed Tiktok Global, will have a majority of American directors, a US chief executive, and a security expert on the board, according to Reuters, citing people familiar with the matter.
READ MORE: 8 things to know about the Chinese tech giant behind Tiktok
- Oracle has agreed to ultimately take a 20% stake in Tiktok Global.
- According to a proposed deal to settle the Trump administration’s order to divest Tiktok, Oracle and possibly Walmart would hold at least 60% of Tiktok’s US operations.
- The White House and Bytedance have agreed to a term sheet on some aspects of a deal but US President Donald Trump hasn’t yet approved it.
Go deeper: ByteDance plans TikTok IPO to win U.S. deal as deadline looms: sources – Reuters