WASHINGTON/NEW YORK: U.S. President Donald Trump said he supports a deal that will allow TikTok to continue to operate in the United States, after threatening to ban the Chinese-owned app in August.
He told reporters at the White House he backs the deal with TikTok owner ByteDance, Oracle and Walmart to create a new company that will assume TikTok’s U.S. operations called TikTok Global.
Trump said the new company will be “totally controlled by Oracle and Walmart … All of the control is Oracle and Walmart.”
U.S. shareholders are expected to control 53% of TikTok Global, a person briefed on the matter said, while Chinese investors will hold 36%.
Oracle said it will take a 12.5% stake in TikTok Global.
TikTok said under the deal, Oracle and Walmart will take part in a TikTok Global pre-IPO financing round in which…