SAN FRANCISCO/WASHINGTON/NEW YORK: As China's ByteDance raced to seal a deal with Oracle Corp and Walmart Inc to keep its video-sharing app TikTok operational in the United States, an apparent breakthrough came last Wednesday in a phone call to US Treasury Secretary Steve Mnuchin.
Four sources familiar with the frenzied negotiations, who spoke on condition of anonymity, explained how a preliminary deal for TikTok announced by Trump on Saturday remains in dispute. After Trump got assurances from Oracle and Walmart on Friday that they would create 25,000 new jobs at TikTok and a launch an educational initiative for children, he decided to announce the deal himself, without a contract drawn up or a plan for how it could be presented to bring China onboard.
All the sides agree that Oracle would take a 12.5 per cent stake in TikTok Global, a newly-created US company that will house TikTok's Global business and store US user data on its cloud, with Walmart Inc taking a 7.5 per cent stake. But the fate of the remaining 80 per cent stake in TikTok Global is in dispute.
Oracle said on Monday that ByteDance would not have a stake in TikTok Global, and that it would be ByteDance's investors who would be awarded the remaining 80 per cent stake. This is also how some Trump administration officials, and even a top ByteDance investor, have privately described the deal.
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