Chinese authorities are unlikely to approve TikTok deal with Oracle and Walmart

Chinese authorities are unlikely to approve TikTok deal with Oracle and Walmart

China is unlikely to approve a deal that would result in Oracle and Walmart becoming owners of TikTok. This was said in an editorial in the Chinese edition of the Global Times, funded by the state.

As you know, U.S. President Donald Trump over the weekend approved the concept of the deal, which provides for the transfer of TikTok in the hands of Americans. The new company TikTok Global will be mainly owned by the United States, ByteDance will be excluded from its direct ownership, and four out of five board members will be Americans. In addition, the board of directors will include a U.S.-approved “national security director.

“It is clear that these conditions widely demonstrate Washington’s aggressive style and hooliganistic logic. They harm China’s national security, interests and dignity,” the Global Times said in its article.

“Judging by the information provided by the U.S., the deal is unfair. It meets Washington’s unjustified demands. It’s hard for us to believe that Beijing will approve such an agreement,” the publication believes.

“There’s no way the Chinese government will accept your claim. You can ruin TikTok’s business in the U.S. if U.S. users don’t mind, but you can’t take it away and turn it into an American brainchild,” the newspaper editor commented.

In turn, ByteDance, which owns TikTok, said it expects 80% of TikTok Global, a new subsidiary in the United States. Since the deal would have to be approved by both countries’ regulators, it would be quite easy for China to block US plans.


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