ByteDance to move Tik Tok's global headquarters to US
Beijing, Sep 16 (Prensa Latina) The Chinese company ByteDance, which owns Tik Tok, will move the global headquarters of the application to the United States in an effort to prevent its operations there from being vetoed, local media reported on Wednesday.
Anonymous sources told CGTN, China's TV network, that the parent company will hold the majority of shares, while the smallest part will be in the hands of the US company Oracle and possible investors such as the Walmart-Microsoft alliance.
According to the sources, some details of the plan might change, as each stockholder will appoint independent directors and ByteDance will continue to control Tik Tok and its essential algorithms.
In addition, the corporation will file the data generated by the mini-video platform in the United States, and Oracle will provide the server to clear any concern for national security.
ByteDance presented the plan to the US Government, which set a deadline until this month to materialize the sale or separation of the popular application in its market; otherwise, it will veto the transaction.
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