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Newsflash: President Trump says the U.S. government won't approve TikTok deal if China holds the stake

[China News]     22 Sep 2020
U.S. President Trump U.S. President told Fox TV early Monday (September 21) that if U.S. companies or investors don't have full control of TikTokGlobal ," then we wo n' t approve the deal...... We will be watching it very closely. "
Newsflash: President Trump says the U.S. government won't approve TikTok deal if China holds the stake

Trump of the President of the United States

U.S. President Trump told Fox TV early Monday (September 21) that if U.S. companies or investors don't have full control of TikTok Global ," then we wo n' t approve the deal... We will be watching it very closely. "

Oracle and Wal-Mart earlier (Saturday) said in a joint statement that the two U.S. companies and U.S. investors agreed to hold the agency's media, TikTok Global, but the parent company, China Byte, issued a statement Monday (September 21) clarifying some "rumors ".

The byte beat said that in terms of the share ratio ," TikTok Global is currently a subsidiary of the byte jump holding 100%. After completing the pre listing (Pre-IPO) financing, TikTok Global will become a holding subsidiary of the byte beat holding 80%".

Trump President of the United States on Saturday (19 September) expressed his blessing to Oracle and Wal-Mart for their partnership with TikTok, which "has theoretically approved the deal ".

Trump told journalist the same day that the agreement would ensure data security for about 100 million U.S. users ." Security will be 100 percent. "TikTok( Flutter International) seems to be able to continue its operations in the United States.

President Trump signed an executive order on Aug.14 to give China Byte Beat (ByteDance)90 days to sell TikTok. the U.S. government worried that as many as 100 million Americans could use the app's personal data to the Communist Party of China

Oracle and Wal-Mart said most of the new TikTok Global will be held by U.S. investors, Reuters said. Oracle and Wal-Mart have a 20 percent stake, while byte beat holds 80 percent of the TikTok Global, but U.S. investors own about 40 percent of bytes, so overall, about 53 percent of TikTok Global shares belong to U.S. investors. TikTok Global is reported to be conducting an initial public offering (IPO) within 12 months, listed on the U.S. Exchange.

According to the cooperation programme, the new TikTok Global would "pay more than $5 billion in new taxes to the United States Treasury ". According to media reports, TikTok Global will set up a $5 billion education fund in the United States. Speaking about the education fund Saturday at the campaign rally, President Trump said he hoped the byte-beat education fund would educate the American people about true national history, not false history.

For the $5 billion "rumour ", the byte beat statement said ," This is just a forecast of the corporate income tax and other operating taxes that TikTok have to pay for business development in the coming years. The actual tax amount also depends on the actual situation of business development and the tax structure of the United States. The tax forecast has nothing to do with the "cooperation programme ".

With regard to the composition of the board, the byte beat statement states that "TikTok Global board members include the founder of the byte jump and the current director of the byte jump, as well as Wal-Mart CEO. which means that the byte beat does not lose control of the TikTok under this cooperation scheme ". The byte beat does not specify the specific information of the board members in the statement.

Reuters quoted TikTok as saying the TikTok Global board would include Zhang Yiming, founder of the byte jump, and several current directors of Wal-Mart CEO Doug Dong Minglun and byte jump.

Oracle and Wal-Mart said in a joint statement Saturday that four of the five board members would be Americans.

The byte jump statement also said that the new plan for Tik Tok International does not involve any algorithm or technology transfer, and Oracle will be able to view the source code of Tik Tok International.

Oracle declined to comment on monday's latest statement ByteDance byte beat, while wal-mart did not respond to requests for comment, reuters reported.

China seems to be satisfied with the legendary cooperation between Oracle and Wal-Mart and TikTok. The Global Times, a subsidiary of the People ' s Daily of the Communist Party of China, published a comment on Sunday that ByteDance owns a majority stake in TikTok Global and retains TikTok ' s user recommendation algorithm technology. This means that ByteDance has not exited the game and avoided the worst. .

Trump endorsement of the agreement "could even be seen as a reversal of the executive order issued by US President Donald Trump 8 month ", said Shen Yi, a professor at Fudan University, in an article published in the Global Times on Monday, thanks to China's government 、 byte runout and the" concerted efforts American domestic forces ".

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