The TikTok deal President Trump blessed this weekend is still facing uncertainty over the ownership structure of the new company, putting the agreement in jeopardy as a deadline for a U.S. ban of the video app approaches again.
Trump, software company Oracle and TikTok‘s Chinese parent company, ByteDance, are publicly presenting different versions of a deal that the president over the weekend described as nearing the finish line. The deal would create a new TikTok Global company headquartered in the United States, with Walmart and Oracle as investors, and make Oracle a technology partner that secures TikTok’s U.S. data, according to the partners.
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TikTok Deal Trips Over U.S.-China Power Struggle
A deal intended to address the Trump administration’s concerns about TikTok’s ties to China was complicated on Monday by a disagreement over whether a U.S. company would control the social media app and the president’s threat to block any agreement that leaves the service in the hands of a Chinese company.
On Saturday, Mr. Trump said he had given his “blessing” to a transaction that he said would result in non-Chinese investors, including Oracle and Walmart, owning TikTok.