ByteDance reaches agreement with Oracle and Walmart on Tik Tok

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ByteDance reaches agreement with Oracle and Walmart on Tik Tok
Fecha de publicación: 
20 September 2020
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The Chinese firm ByteDance confirmed today that it has reached an agreement with the American firms Oracle and Walmart to keep the operations of its Tik Tok application in the United States, but it still requires the approval from the two governments.

According to the company, the agreement seeks to strengthen the presence of the social network in that market, guarantee the fulfillment of local requirements and its use among more than 100 million users there.

The new company will be called TikTok Global, its headquarters will be in Texas and will employ 25,000 people.

ByteDance will hold most of the shares, Oracle will have 12.5 percent and Walmart will have 7.5.

Although the parent company will also control the core algorithms and updates, Oracle will have full access to the system in order to avoid hidden monitoring from app users.

 

 

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