leadf
logo-loader
viewTikTok Global

TikTok to pursue IPO within a year as White House approves plans

As partners, Oracle and Walmart will buy up to a combined 20% stake as part of a pre-IPO financing round

TikTok Global - TikTok to pursue IPO within a year as White House approves plans

TikTok will be publicly listed on Wall Street after President Donald Trump approved plans from its Chinese parent company ByteDance.

Under the approved plans, a US-based company will be formed for the video sharing app, called TikTok Global.

Oracle and Walmart will buy up to a combined 20% stake as part of a financing round ahead of an initial public offering planned within a year. 

Oracle, as “trusted cloud and technology provider”, will carry TikTok on its servers and secure US users’ data, with Walmart a commercial partner.

“We're pleased that today we've confirmed a proposal that resolves the [Trump] administration’s security concerns and settles questions around TikTok's future in the US,” ByteDance said in a statement overnight. 

A second statement on Monday confirmed that the plan does not involve transferring any algorithms and technologies to the US company. 

Oracle, however, has the authority to check the source code of TikTok USA, ByteDance said. 

Last Friday, the US government said it would ban new downloads of the TikTok app over apparent national security concerns, with a ban also planned for any use of the app in the US from November 12 unless a deal was reached.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Touchstone Exploration presents at the One2One Proactive virtual conference

Touchstone Exploration's (LON:TXP) Paul Baay pitches to investors at the Proactive One2One virtual conference. Touchstone Exploration Inc. is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. It is one of the largest...

2 days, 15 hours ago

2 min read