We, like you, are looking forward to a week when TikTok isn’t our biggest story every day. But the latest developments in the US do require a bit more space for unpicking: unsurprisingly, the company’s deal with Oracle and Walmart has run into a spot of bother.
We reported yesterday that the new TikTok Global entity being created as part of the deal will see ByteDance taking an 80% stake, with 20% split between Oracle and Walmart. Since then, confusion has reigned.
“TikTok Global is a 100% owned subsidiary of Bytedance, headquartered in the United States,” said ByteDance, in a corporate post published in China to explain some “false rumours” about the deal. “TikTok Global plans to launch a small round of Pre-IPO financing. After the financing, TikTok Global will become an 80% holding subsidiary of Bytedance.”
The post A majority US-owned TikTok Global? ByteDance begs to differ appeared first on Music Ally.