He said he had approved a deal “in concept” between TikTok, Oracle and Walmart.
The new deal apparently involves American companies and investors holding 53% of equity in TikTok, the New York Times reported.
It would also lead to the creation of a new company called TikTok Global, of which Oracle and Walmart would together have up to a 20% stake.
TikTok Global will be based in the U.S.
According to the Wall Street Journal, TikTok’s current Chinese owner, ByteDance, would retain roughly 80% ownership of TikTok Global.
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FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the NYSE in New York(Reuters) - AstraZeneca Plc <AZN.L> said on Saturday that its COVID-19 vaccine trial in the United States is still on hold.
AstraZeneca on Saturday published a document https://bit.ly/2FNcqu7 describing details of how the COVID-19 vaccine trial was being carried out, which was first reported by the New York Times.
(Reporting by Rama Venkat in Bengaluru; Editing by Michael Perry)
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U.S. President Donald Trump said he supports a deal that will allow TikTok to continue to operate in the United States, after threatening to ban the Chinese-owned app in August.
He told reporters at the White House he backs the deal with TikTok owner ByteDance, Oracle and Walmart to create a new company that will assume TikTok's U.S. operations called TikTok Global.
U.S. shareholders are expected to control 53% of TikTok Global, a person briefed on the matter said, while Chinese investors will hold 36%.
TikTok said under the deal, Oracle and Walmart will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company.
The remaining 80% will be held by ByteDance but is not clear if the ByteDance shares in TikTok Global will be distributed to ByteDance's investors when TikTok Global is incorporated, according to the source.