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US to Control TikTok Global Board, While China Keeps Majority Ownership
Published on: 2020-09-22
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tiktokThe proposed new TikTok Global board, which would consist of four Americans and one Chinese, could be a factor that helped convince the administration of U.S. President Donald Trump that Americans would remain in control of the app’s U.S. operations.

Following the weekend’s announcement that Oracle will take a 12.5% stake in TikTok and run cloud services and security for the app, President Donald Trump characterized the deal as a win for the U.S. by making TikTok a company that’s owned and controlled by Americans.
 

This is despite the fact that Chinese investors and companies will still own a large percentage of TikTok and have a say on the board of a newly created company based in the U.S. called TikTok Global.

ByteDance CEO and founder Zhang YimingByteDance CEO and founder Zhang Yiming

Speaking on Fox News on Monday morning, Trump said the Chinese won’t have anything to do with TikTok after the deal goes through, and that Oracle and Walmart, which said over the weekend that it will take a 7.5% stake in TikTok, will have “total control” over TikTok.
 

Oracle’s Executive Vice President Ken Glueck released a statement shortly after Trump’s remarks that said Americans will have a “majority” of control over TikTok Global. Glueck’s statement also said TikTok’s Chinese parent company, ByteDance, will “have no ownership” over TikTok Global.
 

”Upon creation of TikTok Global, Oracle/Walmart will make their investment, and the TikTok Global shares will be distributed to their owners. Americans will be the majority and ByteDance will have no ownership in TikTok Global,” Glueck’s statement said.
 

Meanwhile, ByteDance said Monday it will own about an 80% stake in TikTok Global.

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