TikTok will become a US Company | May be?

ByteDance will place TikTok’s global business in a new US-headquartered company with Oracle investing as a minority shareholder. As part of the proposal, Oracle will have a stake in the whole of TikTok and not just the US operations, while ByteDance the Chinese group that owns the app will be the majority shareholder of the new entity. Walmart is also expected to own a minority stake. The exact details are still subject to change. The creation of a new entity shows how ByteDance is attempting to put distance between the company’s Chinese ownership and TikTok’s operations. The new TikTok entity will have independent oversight and will be managed at arms-length from ByteDance. The Chinese company will continue to collaborate with TikTok globally and will retain control of the powerful algorithm that keeps users engaged by predicting what sort of videos they will enjoy. TikTok’s data across the globe will be processed independently by Oracle and American data will be managed and stored in the US to address national security concerns. However, the deal has yet to receive final approval. TikTok said earlier this month it had received “no substantive feedback” from the Trump administration for some time. The government issued a notice on November 13th that set the deadline for the deal for November 27th. The deadline has been extended since then. The Committee on Foreign Investment in the United States (CFIUS) has given China-based ByteDance until December 4th to either sell or spin out its US business, according to a court filing. Do you think the TikTok sale will actually happen? And do you think this is enough to bring trust back to TikTok? Let us know in the comments! ******************************************************************************** 🔴Please support us by subscribing to our Channel: https://bit.ly/32QgiDd More Tech and business content to come! ►Yotta Savings App: Sign up with code GETLUCKY to get 100 free tickets! ►Get one free stock from Robinhood: http://join.robinhood.com/oussamh1 ► Music In Most Our Videos: https://www.epidemicsound.com/referra... ******************************************************************************** ► Music disclosure:    • ROYALTY FREE Business Background Music | C...   ******************************************************************************** ►Sources: ByteDance gets another extension from US government for TikTok sale - The Verge: https://www.theverge.com/2020/11/28/2... ByteDance Gets One More Week To Finalize TikTok U.S. Sale - Forbes https://www.forbes.com/sites/siladity... TikTok’s Proposed Deal Seeks to Mollify U.S. and China - The New York Times: https://www.nytimes.com/2020/09/14/te... Trump Approves Deal Between Oracle and TikTok - The New York Times: https://www.nytimes.com/2020/09/19/te... TikTok deal with Oracle and Walmart hinges on Chinese export license approval - CBS: https://www.cbsnews.com/news/tiktok-o... TikTok and Oracle might have a deal. But Trump still needs to sign off - CNN https://edition.cnn.com/2020/09/17/te... ******************************************************************************** That's it for today! If you enjoyed it, please consider subscribing! ►►► https://bit.ly/32QgiDd Till I see you next time, Peace! * * * * * Why are you still reading ¯\_(ツ)_/¯