State-run CGTN TV reported that Tiktok has proposed a partnership with US software giant Oracle. Now, Tiktok will remain the majority shareholder while Oracle will own minor portion of the share.
Meanwhile, potential US investors like Walmart will he a minority stakeholder. However, plans may change as TikTok goes forward with the negotiation processes.
ByteDance will continue to handle the core functions of TikTok. However, independent third parties will be the directors of the new headquarters.
Also, Oracle will be providing database to control and store TikTok’s data. This is in order to reduce the concerns from Americans about their data security.
Treasury Secretary Steven Mnuchin said on Monday in an interview with CNBC TikTok partnership with Oracle as trusted technology in the formation of Tiktok Global in US will help to create 20,000 new jobs for citizens.
On Monday, ByteDance will not sell TikTok to Microsoft Oracle and will not provide TikTok source code to any US buyers.
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