The deadline is approaching for TikTok to be sold, shut down, or find an alternative solution that satisfies President Trump’s administration. After tech firm Oracle said it was part of a proposal submitted to the administration as a “trusted technology provider”, more details have emerged of the plan.
“ByteDance will place TikTok’s global business in a new US-headquartered company with Oracle investing as a minority shareholder,” reported the Financial Times. “As part of the proposal, Oracle will have a stake in the whole of TikTok and not just the US operations.”
ByteDance would still be the majority shareholder, but other US investors would own minority stakes. The report added that ByteDance will “retain control of the powerful algorithm that keeps users engaged by predicting what sort of videos they will enjoy”.
It’s a plan that seems to neatly walk the tightrope between the demands of the US administration and the regulatory landscape in China.
In separate news, ByteDance says that TikTok’s Chinese sister app Douyin now has 600 million daily active users, up from 400 million in January this year.
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