ByteDance plans TikTok IPO to win U.S. deal as deadline looms: sources

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China’s ByteDance is planning a U.S. initial public offering of TikTok Global, the new company that will operate the popular short video app, should its proposed deal be cleared by the U.S. government, sources tell Reuters

- China’s ByteDance is planning a U.S. initial public offering of TikTok Global, the new company that will operate the popular short video app, should its proposed deal be cleared by the U.S. government, people familiar with the matter said on Thursday.

Trump said that his administration talked with Walmart and Oracle on Thursday but “nothing much has changed” regarding a deal. Flags of China and U.S. are seen near a Bytedance logo in this illustration picture taken September 18, 2020. REUTERS/Florence Lo/Illustration The board of TikTok Global would include a national security director, who will be approved by the U.S. and chair a security committee overseeing the protection of user data, according to a person familiar with the matter.

Meadows said on Thursday that the administration is still looking at details of the deal and whether it meets national security thresholds. Meadows said if TikTok remains predominantly Chinese-run under the Oracle deal, that would not meet Trump’s objectives.ByteDance said on Thursday it would need China to approve the proposed deal with the White House, indicating how its bid to stave off a ban in the United States could be further complicated.

 

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