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