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
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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.
A senior Chinese official has accused the US, which forced the sale of TikTok on national security grounds, of “economic bullying”, while lambasting European Union restrictions on Huawei.
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.
Six weeks after announcing to the world it was in talks to buy TikTok, Microsoft comes out to tell us it didn’t get the gig. CEO Satya Nadella dodged a bullet. Now the gun is aimed directly at Oracle and its chairman, Larry Ellison.
ByteDance abandoned the sale of TikTok in the US on Sunday to pursue a partnership with Oracle that it hopes will spare it a US ban while appeasing China’s government, people familiar with the matter said.
Beijing opposes a forced sale of TikTok’s US operations by its Chinese owner ByteDance, and would prefer to see the short-video app shut down in the US, people with knowledge of the matter said.
The latest additions to China’s list of controlled technology exports could upset a broad range of industries and raise the possibility that some global tech giants might have to split off their Chinese operations.
ByteDance is increasingly likely to miss a Trump administration deadline for the sale of its TikTok US operations after new Chinese regulations complicated negotiations with bidders Microsoft and Oracle.
China has announced an initiative to establish global standards on data security, saying it wants to promote multilateralism in the area at a time when “individual countries” are “bullying” others.