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Monday, September 21, 2020

9/21/2020 Marketing News - TikTok Ban Update

 

Over the weekend, President Trump gave his blessing to a deal that would give Oracle and Walmart a combined 20% stake in a new company called TikTok Global, which would be headquartered in the United States and operate the app.


If you count U.S. venture capital firms such as Sequoia, General Atlantic, and Tiger Management, then about 53% of TikTok Global’s shares will be held by either American investors or two American companies, Oracle and Walmart.


Additionally Americans will hold four out of the five seats on TikTok Global’s board, with ByteDance’s CEO holding the fifth seat.


The Chinese government will still have to approve the deal, thanks to the country’s update to its technology export bans that would require ByteDance to obtain a license from China before it can sell TikTok’s algorithms and AI technology to a U.S. company.