The TikTok, Oracle, and Walmart saga has got a little more confusing, as it seems none of the parties involved actually know what they are agreeing to. In the latest development, Oracle has said that the new TikTok US business will have no ownership from the app’s parent company, ByteDance, going against earlier reports regarding the deal.
Initial announcements about the deal stated that Oracle and Walmart would take 20 per cent in TikTok Global between them with ByteDance keeping control of the remaining 80 per cent for the time being. However, the latest statement from Oracle appears to contradict that.
“Upon creation of TikTok Global, Oracle/Walmart will make their investment and the TikTok Global shares will be distributed to their owners, Americans will be the majority and ByteDance will have no ownership in TikTok Global,” Oracle told reporters, per The Verge.
The arrangement stated by Oracle is the outcome preferred by the US government.
On Monday, President Donald Trump said he would not give the deal his approval unless ByteDance gave up its stake in the product, saying the company would “have nothing to do with it, and if they do we just won’t make the deal”. He followed this up by saying that if his administration finds that Oracle and Walmart do not control TikTok Global then “we’re not going to approve the deal”.