China is unlikely to approve an “unfair” deal Oracle and Walmart said they have struck with ByteDance over the future of video-streaming app TikTok, the state-backed Global Times newspaper said in an editorial.
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The TikTok sale saga reached an apparent conclusion over the weekend when US President Donald Trump approved a deal. But the harmony was short-lived.
Doubts emerged on Monday about Oracle’s deal to take over TikTok as US President Donald Trump said he may still renege on his approval and the Chinese government signalled reluctance.
ByteDance has emphasised it will remain in control of a hived-off TikTok Global business, appearing to contradict US President Donald Trump’s statements about how the new entity will be directed by Americans.
US President Donald Trump said he supported a deal in principle that would allow TikTok to continue to operate in the US, even as it appeared to conflict with his earlier order for China’s ByteDance to divest the video app.
US President Donald Trump told Oracle’s Larry Ellison and Walmart’s Doug McMillon that he still wants the government to receive a payment as part of a deal for the US operations of TikTok.
The US commerce department issued order on Friday that will bar people in the US from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok.
China’s ByteDance is planning a US initial public offering of TikTok Global, the new company that will operate the popular short-video app, should its proposed deal be cleared by the US government
US President Donald Trump raised questions on Wednesday about plans by China’s ByteDance to keep a majority stake in the US operations of popular social media platform TikTok.
ByteDance founder and CEO Yiming Zhang’s decision to drop his pursuit of a sale of TikTok’s US operations to Microsoft in favour of a partnership with Oracle was the culmination of weeks of pressure.