ByteDance will have no ownership over new TikTok Global: Oracle

TikTok and WeChat spared from US bans for now (APK Download) Still available on the Play Store and APK Mirror

President Donald Trump said on Monday that he would save a deal to boost American control of Chinese-owned popular social media app TikTok if possible, but would "cut it off" if not. However, Trump has said that Oracle and Walmart must have total control over this new company. They're going to own the controlling interest.

The unidentified author of the Global Times editorial objected to there being only one board seat reserved for a Chinese national, as well as the stipulated inclusion on the board of a US-approved "national security director".

TikTok's owner, ByteDance Ltd. But questions have swirled about whether Bytedance will retain a majority stake in the new enterprise.

President Trump threatened to withdraw his initial, informal approval of Oracle and Walmart's deal with TikTok on Monday.

On 20th September, Bytedance announced the formation of TikTok Global in partnership with Oracle, which was/is to serve as its technical partner (depending upon the future of said deal) and Walmart as its commercial partner.

Another tech company, Taiwanese electronics manufacturer Foxconn, promised in 2017 to bring 13,000 new jobs to Wisconsin. The algorithm that recommends videos to users is believed to have made the app such a success.

Beijing could also have issues regarding the requirement that ByteDance would be required to disclose TikTok's source code to Oracle and would separately manage Douyin - TikTok's Chinese equivalent.

TikTok and WeChat spared from US bans for now (APK Download) Still available on the Play Store and APK Mirror

Separately it also denied a claim from Trump that a $5 billion fee from the deal would go to the US Treasury to help set up an education fund.

In an official op-ed the Global Times characterized the proposed deal as "unfair" but qualified that by saying it was "relatively more reasonable to ByteDance".

The Oracle-Walmart deal came together in time to avoid Trump's US ban of TikTok for national security reasons.

It also denounced the need for ByteDance to reveal source code to Oracle as part of the United States firm's role of "trusted technology partner" and criticized the likelihood of TikTok Global blocking Chinese access to its app.

"If we find that they don't have total control, then we're not going to approve the deal", Trump warned on Monday, referring to Oracle's control of TikTok Global.

The Oracle and Walmart want to please the Trump government whereas ByteDance wants to please the Chinese government. Safra Catz was part of the administration's transition team and was considered for key positions, including national security advisor and World Bank president.

CTO of Oracle, Larry Ellison, allows running TikTok on the Oracle Cloud.

Democrats unveil stopgap funding bill
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