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ByteDance: Trump doesn’t understand Oracle/Walmart deal for TikTok

9to5 Mac 09/21/2020

ByteDance, the parent company of the TikTok video app, said that President Donald Trump’s assertion that its U.S. division would be majority-owned by U.S. investors Oracle and Walmart is incorrect. A statement released by ByteDance’s Jinri Toutaio social media platform in China said the company would retain direct control over the business with an 80 percent stake. Mr. Trump gave his preliminary approval over the weekend for Oracle and Walmart to buy a stake in TikTok’s U.S. and Canadian business. He claimed the deal would give the companies control of the business and bring $5 billion in tax revenue to the U.S., another statement that ByteDance said is dependent on its growth in the country and not a guarantee.

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