ByteDance plans TikTok IPO to win United States deal as deadline looms

TikTok, Oracle face several hurdles to keep afloat

While TikTok is best known for dancing videos that go viral among teenagers, US officials are concerned user information could be passed to China's Communist Party government.

The new company will reportedly be called TikTok Global and could float on a USA exchange as soon as one year from now, with Oracle both operating its infrastructure and taking a large stake.

"I mean, just conceptually I can tell you I don't like that", Trump said.

A Walmart spokesman on Thursday declined to comment further, and Oracle did not immediately respond to inquiries from on Thursday morning.

The board of TikTok Global would include a national security director, who will be approved by the United States and chair a security committee overseeing the protection of user data, according to a person familiar with the matter.

If a deal is not finalized by Sunday, Trump has already signed an executive order that would shut down TikTok in the us - likely enraging the app's 100 million American users just weeks before the presidential election.

USA national security officials fear that ByteDance could provide American user data to the Chinese government. On Wednesday, he reiterated he was opposed to ByteDance retaining majority ownership of TikTok.

TikTok has maintained that it does not share U.S. user data with the Chinese government and would not do so.

The global company is expected to file for an IPO in about 12 months, the person said, with plans to be listed on a USA stock exchange. Bloomberg News reported earlier that the Treasury Department, Bytedance and Oracle agreed to terms for the deal late Wednesday.

The company also told state-backed newspaper Global Times on Thursday that a sale of TikTok's operations or technologies is not included in its proposal to the United States.

The new company, which would be called TikTok Global, according to Treasury Secretary Steven Mnuchin, will be the result of a transaction forced by President Donald Trump last month because of national security concerns about TikTok's Chinese ownership.

It is not clear what Oracle or Walmart will pay for its stake.

Some analysts said it appeared hard to craft a deal that allays concerns in both countries on security and the algorithms and other key technologies used by TikTok.

ByteDance said on Thursday it would need China to approve the proposed deal with the White House, indicating how its bid to stave off a ban in the United States could be further complicated. Among Republicans - Trump's party - 69 percent said they supported the order, though only 32 percent expressed familiarity with the app. Reuters reported past year that CFIUS was investigating TikTok.



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