After the TikTok ban, Oracle / Walmart stepped in with the special request of US President Trump. Accordingly, a company called TikTok Global would be established and Oracle would have a share in this company. ByteDance, which owns the TikTok application, was also expected to have a significant share in this company. However, according to the latest developments, Trump seems to have taken ownership of this stock as well.
Trump insists, ByteDance takes a step back for TikTok Global
The first information that emerged today was that ByteDance would have an 80 percent share in TikTok Global, which will be established for US operations. Oracle shared the details of the agreement with its official statement.
Accordingly, Oracle / Walmart will have a 20 percent share in this newly established company. However, it turned out that ByteDance, which owns the TikTok application, will not have a share in this new company.
Other international companies are expected to participate in the company. However, who these companies and consortiums are and their shares have not been revealed. This share transfer is attributed to Trump’s statement. Accordingly, the President of the United States made it clear that the Chinese company should fully transfer its shares in order for the ban to be lifted.
The statement made by Oracle is as follows: “With the establishment of TikTok Global, Oracle / Walmart will make investments and TikTok Global will be distributed to their owners, Americans will be the majority and ByteDance will not own any ownership in TikTok Global”
TikTok application, which started a new trend all over the world, was first banned in India, where it has a large market, with the emergence of clear evidence that it shares personal data. The USA, on the other hand, started to impose bans on many Chinese applications, including both TikTok and WeChat application, based on this evidence. Finally, the USA banned the downloading of both applications in the USA.
After the newly established TikTok Global, the US ban on the application seems to end. So what do you think, are TikTok and other Chinese apps really unreliable, as the US claims? We are waiting your comments.