TikTok will be its subsidiary, ByteDance says
Statement comes despite Oracle and Walmart saying they and US investors will own majority of video app
New York/Beijing — China’s ByteDance said on Monday that TikTok’s global business will become its subsidiary, even as Oracle and Walmart said at the weekend that they and US investors would own the majority of the video app after a deal with US President Donald Trump’s administration.
Trump signed an executive order on August 14 giving ByteDance 90 days to sell TikTok, amid the concern that the personal data of as many as 100-million Americans that use the app could be passed on to China’s Communist Party government. On Saturday, he said he supported a deal in principle that would allow TikTok to continue to operate in the US...
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