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The Chinese company ByteDance, which owns the TikTok application, announced that it will retain the majority of the shares of TikTok Global after the agreement with the US side. This is stated in a company statement, reports RIA Novosti.
According to ByteDance, it retains 80 percent of the shares after the deal with Oracle and Walmart. The Chinese company noted that it has reached a fundamental consensus with its US partners. They expressed the hope that the future agreement will be in line with US and Chinese law.
On September 20, US President Donald Trump “blessed” Oracle’s purchase of the US segment of the TikTok application. After purchasing the service, Oracle will become ByteDance China Technology Partner.
Before that, ByteDance was going to sue the US President’s administration. This was in response to the measures of the United States government. On August 6, Donald Trump signed two decrees prohibiting any transaction with ByteDance and the owner of the WeChat social network, Tencent. Both projects are developed by Chinese corporations. Washington believes that each of the applications “threatens national security, foreign policy and the US economy.”
