China's ByteDance said on Monday that TikTok's global business will become its subsidiary, even as Oracle Corp. and Walmart Inc. said over the weekend that they and U.S. investors would own the majority of the video app following a deal with U.S. President Donald Trump's administration.
Trump signed an executive order on Aug. 14 giving ByteDance 90 days to sell TikTok, amid concerns that the personal data of as many as 100 million Americans that use the app could be passed on to China's Communist Party government. On Saturday, he said he supported a deal in principle that would allow TikTok to continue to operate in the United States.
Accounts of the deal differ. ByteDance said on Monday that it will own 80 percent of TikTok Global, a newly created U.S. company that will own most of the app's operations worldwide. Oracle and Walmart, which have agreed to take stakes in TikTok Global of 12.5 percent and 7.5 percent respectively, had said on Saturday that majority ownership of TikTok would be in American hands.