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U.S. investors set to own majority stake in TikTok Global

17 September 2020 20:33 (UTC +04:00)

U.S. investors, including Oracle Corp, are set to hold at least a 60% stake in TikTok, a person briefed on the matter told Reuters, APA reports.

The U.S. Treasury submitted a revised term sheet to ByteDance late Wednesday to address national security concerns that was agreed to by the Chinese parent of TikTok, the source said. The new company, called TikTok Global, will have a majority of American directors and a U.S. chief executive. Oracle has agreed to take a 20% stake in the company when it is created and Walmart Inc is also expected to take an equity stake and have a seat on TikTok Global’s board, the source said.