TikTok Owner Seeking $60 Billion Valuation in U.S

TikTok Owner Seeking $60 Billion Valuation in U.S

With Oracle, Walmart and the continued involvement of existing US investors, the new company, TikTok Global, would have a strong contingent of American investors, some of the people said.

The final valuation had not been set as the parties worked out the equity structure and measures for data security, the person said.

The Trump administration says the companies threaten national security and could pass user data to China.

TikTok is still under threat of effectively shutting down by November 12 if a deal to sell its US operations isn't complete by that deadline.

Oracle's leadership has strong ties to the Trump administration, another factor that could have played a role in Trump's approval of the deal. "I approve the deal in concept". "They're going to have total control over it".

"We've already committed to unprecedented levels of additional transparency and accountability well beyond what other apps are willing to do, including third-party audits, verification of code security, and USA government oversight of U.S. data security", TikTok said in a statement Friday.

"Oracle will quickly deploy, rapidly scale, and operate TikTok systems in the Oracle Cloud", CEO Safra Catz said in a statement.

Whether or not ByteDance does hold a majority share of the company, what isn't denied is the stakes the USA companies will hold. "If they get it done, that's great".

TikTok was scheduled to be removed from app stores and future update considerations in the U.S. on Sunday, September 20, after the Trump administration initially issued an executive order on August 6 to investigate the social site's security. Venture firms, including Sequoia Capital and General Atlantic, may also acquire equity in the new business.

Under the plan, Oracle would acquire a minority stake in a newly formed TikTok that would be headquartered in the US with an independent board approved by the USA government.

"They are going to buy it", Trump said in an interview with Fox News, referring to Oracle and Walmart.

White House Chief of Staff Mark Meadows said early Thursday that he's concerned that Oracle's bid for TikTok may be a "repackaging" that won't meet the president's goals.

On Friday, the U.S. Department of Commerce announced an order to delay TikTok's U.S. app store ban by a week until September 27. The U.S. software giant has given reassurances it can protect TikTok user data from foreign influence.

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