ByteDance stresses that it will still control TikTok Global

UNICEF-EU campaign shows the good side of TikTok | Devex

China’s ByteDance on Monday disputed “groundless rumors” about its partnership with Oracle and Walmart to establish a subsidiary that will run its operations in the United States.

ByteDance emphasized that it would control 80 percent of TikTok Global, while Oracle would own 12.5 percent and Walmart 7.5 percent.

U.S. supporters of the deal have said that the Oracle and Walmart stakes give Americans a majority stake in TikTok Global because U.S. investors also own 41 percent of ByteDance.

The Beijing-based company also rejected President Trump’s assertion that it would pay $5 billion to establish an education fund dedicated to teaching U.S. students “the real history of our country.” ByteDance said the $5 billion is not a special fee but an estimate of the U.S. taxes it would pay over several years if TikTok Global does well.

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