Confusion Over ByteDance, TikTok Ownership Pattern Said To Be Latest Sticking Point In Oracle Deal
Trump Administration wants investors from the United States to hold a majority stake in ByteDance-owned short-form video app TikTok, the Wall Street Journal reported Wednesday.
What Happened: The Beijing-based company is partnering with Oracle Corporation (NYSE: ORCL) to form a new U.S.-based firm that would run TikTok’s global operations, where it will continue to hold a majority stake.
Nearly 40% of ByteDance is presently owned by U.S. venture capitalists such as Sequoia Capital and General Atlantic. Zhang Yiming, the company’s founder, controls 25%, and another 20% of the ownership is held by …