TikTok owner more certain of Beijing nod on Oracle deal

It's unclear if ByteDance founder Zhang Yiming will relinquish that much ownership over the app he built into a challenger to Google and Facebook. But Beijing's stance gives him that option - so long as he maintains a tight grip over the service's core technology.

The plan revised with Treasury calls for the new TikTok to be headquartered in the US with an independent board, approved by the US government and made up entirely of US citizens. The board would include a national security committee - led by an American data-security expert who would be the primary contact with the Committee on Foreign Investment in the US - which would oversee any issues of concern to Washington.

ByteDance executives have also spoken to Instagram co-founder Kevin Systrom about a possible role in the new organisation, according to another person familiar with the discussions. It's not clear if the discussions are advanced, the person said. On the flip side, there are signs Beijing is backing one of its biggest Internet companies, firing off a litany of comments condemning US"coercion" and"bullying". ByteDance also recently acquired a company with a coveted national digital payment licence - a competitive arena that Beijing rigidly controls.

In their opening proposal to the Trump administration, ByteDance and Oracle outlined a plan for Oracle and other American investors - including Sequoia Capital, General Atlantic and Coatue Management - to get minority stakes in the standalone business. The newly formed US company will then hire 25,000 American workers in a wide range of jobs from content moderation and engineering to product and marketing.

Source: News Formal (newsformal.com)

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