Tag: ByteDances

Bytedance’s TikTok proposal isn’t just up to Trump

ByteDance, the world’s most valuable start-up, warned on Thursday that its proposal to seal a partnership — rather than an outright sale — between TikTok US and computing tech giant Oracle (ORCL) will ultimately need approval from both China and US officials.

ByteDance, valued at $78bn (£61bn), only launched video sharing app TikTok in September 2016 but, outside China, it has already amassed 300 million active users and 1.4 billion total installs to date. TikTok has been downloaded 175 million times in the US alone.

On 14 September, Oracle confirmed in a statement that it had won the bid for TikTok US over Microsoft (MSFT) as a “trusted technology provider.” 

While exact details of the deal have not been confirmed publicly, a range of media reports say the proposal completely avoids the outright sale of the US arm of the social video platform giant and that ByteDance will keep a

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Trump reviews ByteDance’s plan to keep majority stake in TikTok, sources say

NEW YORK, Sept 15 (Reuters) — President Donald Trump and top U.S. officials were to meet at the White House on Tuesday, Sept. 15, afternoon to consider a proposal by China’s ByteDance to keep majority ownership of its popular TikTok video app, people familiar with the matter said.

Trump has ordered ByteDance to divest TikTok amid U.S. concerns that user data could be passed on to China’s Communist Party government. He has threatened to ban TikTok in the United States as early as Sept. 20 if ByteDance does not comply.

Under ByteDance’s proposal, however, the Beijing-based company would keep a majority stake in TikTok’s global business and move its headquarters to the United States, the sources said. Oracle Corp would become ByteDance’s technology partner responsible for the management of TikTok’s data and take a minority stake in TikTok, the sources added.

The ByteDance proposal also calls for the Committee on

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INSIGHT-How ByteDance’s CEO balked at selling TikTok’s U.S. business

Sept 15 (Reuters) – ByteDance founder and CEO Yiming Zhang’s decision to drop his pursuit of a sale of TikTok’s U.S. operations to Microsoft Corp in favor of a partnership with Oracle Corp was the culmination of weeks of pressure from China’s government and the Beijing-based firm’s investors, according to people familiar with the deliberations.

China’s opposition to a forced sale of TikTok, as well as concerns by major ByteDance backers such as Sequoia and General Atlantic over the financial hit of selling the popular short-video app in the United States for less than what it is worth, led Zhang to opt for the sale of only a stake to Oracle, rather than an outright divestment, the sources said.

It is a risky strategy. President Donald Trump has made it clear he wants to see an outright sale of TikTok to a U.S. technology company, amid concerns by national security

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How ByteDance’s CEO Balked at Selling TikTok’s U.S. Business | Top News

By Echo Wang, Keith Zhai and Joshua Franklin

(Reuters) – ByteDance founder and CEO Yiming Zhang’s decision to drop his pursuit of a sale of TikTok’s U.S. operations to Microsoft Corp

in favor of a partnership with Oracle Corp

was the culmination of weeks of pressure from China’s government and the Beijing-based firm’s investors, according to people familiar with the deliberations.

China’s opposition to a forced sale of TikTok, as well as concerns by major ByteDance backers such as Sequoia and General Atlantic over the financial hit of selling the popular short-video app in the United States for less than what it is worth, led Zhang to opt for the sale of only a stake to Oracle, rather than an outright divestment, the sources said.

It is a risky strategy. President Donald Trump has made it clear he wants to see an outright sale of TikTok to a U.S. technology

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How ByteDance’s CEO balked at selling TikTok’s U.S. business

(Reuters) – ByteDance founder and CEO Yiming Zhang’s decision to drop his pursuit of a sale of TikTok’s U.S. operations to Microsoft Corp MSFT.O in favor of a partnership with Oracle Corp ORCL.N was the culmination of weeks of pressure from China’s government and the Beijing-based firm’s investors, according to people familiar with the deliberations.

FILE PHOTO: Zhang Yiming, founder and global CEO of ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. REUTERS/Shannon Stapleton

China’s opposition to a forced sale of TikTok, as well as concerns by major ByteDance backers such as Sequoia and General Atlantic over the financial hit of selling the popular short-video app in the United States for less than what it is worth, led Zhang to opt for the sale of only a stake to Oracle, rather than an outright divestment, the sources said.

It is a risky strategy. President Donald Trump has made

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Oracle Won’t Acquire TikTok as Part of ByteDance’s Proposal. What to Know About the Deal.

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A TikTok office in Culver City, Calif.


Mario Tama/Getty Images


Oracle

on Monday confirmed that it is part of a proposal submitted by ByteDance to the Treasury Department in which the U.S. database software company will “serve as the trusted technology provider” for the China-based parent of the popular video service TikTok. Under the proposal, it does not appear that Oracle—or anyone else—will acquire TikTok’s U.S. business.

The Trump administration recently threatened to shut down TikTok’s U.S. operations unless they were acquired by an American buyer.

Microsoft

(ticker: MSFT), which had widely been considered the leading candidate to acquire TikTok’s U.S. unit, said Sunday that ByteDance had turned down its offer to buy TikTok’s U.S. operations. Instead, it appears ByteDance has come up with an alternative plan that will allow it to maintain control of the business while addressing U.S. security concerns.

In an interview with CNBC on

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