TikTok, Oracle deal still shrouded in uncertainty as companies tussle over ownership

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.

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