A White House-approved plan to transform TikTok into a U.S.-based company would keep the operation of the app—and likely the algorithm that has powered its rise—in Chinese hands
to a deal that would see TikTok partner with Oracle Corp. and Walmart Inc. to form a new entity called TikTok Global that would provide services to TikTok’s current users in the U.S. and most of the world outside China.
Under the terms of the deal, TikTok’s parent, Beijing-based ByteDance Ltd., would retain roughly 80% ownership of the new company, with Oracle and Walmart holding the rest, people familiar with the situation told The Wall Street Journal earlier. Because ByteDance is roughly 40% owned by U.S. investors, the new company, with the Oracle and Walmart stakes, could be described as having majority American ownership, they said.
At the same time, ByteDance’s 80% stake in TikTok would allay fears in Beijing that the White House was forcing China to relinquish one of the world’s hottest technology properties—or face a ban in the critical U.S. market. At least in the short term, people close to the company and market observers described the arrangement as a win for China and for ByteDance.
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