TikTok will become standalone U.S. company

ByteDance will place TikTok’s global business in a new U.S. headquartered company with Oracle Corp investing as a minority shareholder.

The Financial Times reported on Tuesday that ByteDance will place TikTok’s global business in a new U.S. headquartered company with Oracle Corp investing as a minority shareholder.

Under ByteFance’s proposal, however the Beijing based company would keep amajority stake in TikTok’s global business in the headquarter for TikTOk in US. Treasury Secretary Steven Mnuchin said on Monday that ByteDance has offered to create 20,000 US jobs with TikTok.

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