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ByteDance also confirmed that it would do a small round of pre-IPO (initial public offering) financing. TikTok Global will become an 80% holding subsidiary of ByteDance as a result, giving it majority control. As part of the Oracle and Walmart deal, the companies said they would work toward a public listing in the U.S. within a year. 

Over the weekend, Trump said the new TikTok Global will “have nothing to do with any outside land, any outside country, it will have nothing to do with China. It’ll be totally secure. That’ll be part of the deal.” 

Beijing-based ByteDance’s majority ownership of TikTok appears to contradict that. But ByteDance is 40% owned by U.S. venture capital firms, so the Trump administration can technically claim TikTok Global is now majority owned by U.S. money.

Last month, as the TikTok deal appeared to be coming to a conclusion, China threw a spanner in the works by updating its list of technologies subject to export restrictions. One of the technologies on the list related to recommendation algorithms. After Beijing made this move, ByteDance said it would comply with the rules. 

Washington claimed that TikTok represents a national security threat because it collects American users’ data which could be accessed by Beijing. TikTok has repeatedly denied this and says it stores the data of Americans in the U.S. with a backup in Singapore. 

In August, Trump issued an executive order that would have banned transactions with ByteDance and effectively shut down TikTok in the U.S. That was set to come into effect on September 20. But the Department of Commerce said in a statement that it has delayed that by a week.