Whether trump will approve the agreement is uncertain. It is also unclear what assets tiktok global will own in addition to its US assets. According to reports, byte hopping has proposed to create 25000 new jobs for tiktok by setting its headquarters in the United States in order to win Trumps support. It is also unclear whether byte hopping will submit the deal to China to retain a majority stake in tiktok.
Byte hopping hopes to reach an agreement with the White House as soon as possible, which will delay the U.S. ban on tiktok. President trump has threatened that the ban could take effect as early as next week. Trump last month ordered byte skipping to strip tiktok because of concerns about the personal data security of up to 100 million U.S. users using the app. Recently, he reiterated his opposition to byte beatings retention of a majority stake in tiktok.
The term sheet will give Oracle the right to inspect the tiktok source code and include many terms to ensure data security, while requiring all U.S. users data to be kept in the United States, people familiar with the matter said. It is unclear what price Oracle or Wal Mart will pay for the stake. Oracle, Wal Mart and the U.S. Treasury did not immediately comment.
Given that byte hopping investors have recently valued tiktok at more than $50 billion, tiktoks initial public offering is likely to be one of the largest in the history of the technology industry. This will further reduce byte jumps stake in the company and appease US officials. The IPO will be filed on the US stock exchange and is likely to take place within a year, the source said. (small)
According to CNN on September 17, the trump administration is examining and approving the cooperation agreement between tiktok and Oracle this week, people familiar with the matter said. According to the agreement, the parent company of tiktok, byte hopping, will continue to retain the control of tiktok.
If the U.S. government approves the agreement, tiktok will continue to keep its headquarters in the United States, with Oracle serving as the U.S. user data security partner. Wal Mart is also expected to enter as a small proportion of investors and e-commerce partners. But the final result has yet to be finalized.