ByteDance to place TikTok's global headquarters in US to escape Trump ban

 


China's ByteDance has decided to place the headquarters of its popular video platform app TikTok in the US in order to escape President Donald Trump's ban, official media here reported on Wednesday.

As per the plan presented to the US officials by ByteDance, TikTok will remain the majority shareholder of the new US headquartered company, and tech firm Oracle will be a minority shareholder, state-run CGTN TV reported.

Other potential US investors such as the world's largest retailer Walmart, which had launched a joint bid with Microsoft, would own a minority stake, the report said.

People familiar with the negotiation process emphasised that specific details of the plan may change.

Independent third parties will serve as directors of the new company, and ByteDance will continue to control TikTok and its core algorithms.

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