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ByteDance says TikTok Global plans public offering

  • Published at 08:44 am September 21st, 2020
TikTok ByteDance
TikTok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS

The current plan for TikTok Global does not involve any transfer of algorithms or technologies and Oracle Corp has security access to TikTok US’s source code0

China’s ByteDance said on Monday that TikTok Global will launch a public offering of shares to enhance the corporate governance structure and transparency for the firm that will control the video platform’s US operations.

ByteDance said in a statement TikTok Global will also conduct a pre-IPO round that will leave ByteDance with an 80% stake in the firm. The firm said TikTok Global’s board of directors includes ByteDance founder Zhang Yiming as well as Walmart’s chief executive and current directors of ByteDance.


Also read: Trump: Oracle close to TikTok deal, ByteDance aims for majority ownership


The current plan for TikTok Global does not involve any transfer of algorithms or technologies and Oracle Corp has security access to TikTok US’s source code, ByteDance said.

ByteDance also said a $5 billion payment reportedly to be made to the US Treasury by TikTok Global is based on estimated income and other taxes the company will need to pay over the next few years and has nothing to do with the deal reached with Oracle and Walmart.