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9/21, 9:41 PM (Source: TeleTrader)
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US will have majority stake in TikTok Global - Oracle

Oracle Corp. revealed on Monday that Chinese ByteDance Ltd. wouldn't have a majority stake in the new company formed through a deal between TikTok, Oracle and Walmart Inc., TikTok Global.

"Upon creation of TikTok Global, Oracle and Walmart will make their investment, and the TikTok Global shares will be distributed to their owners. Americans will be the majority and ByteDance will have no ownership in TikTok Global," Oracle asserted.

However, the agreement is yet to be supported by the Chinese government. According to a recent report, Beijing won't authorize the deal due to it endangering the country's "national security, interests and dignity."

Breaking the News / ND