![]() In 2020, then-US President Donald Trump signed executive order 13942 to ban TikTok in the US within 45 days if the parent company ByteDance did not sell it to an American company. ![]() By the end of 2018, the company had a presence in 150 markets in over 75 languages.ĭespite its incredible success, TikTok has been banned in numerous countries due to accusations of spreading “immoral” and “dangerous” content.įor example, TikTok has been banned several times in India due to criticism of the Indian government on the platform. TikTok merged with Musical.ly to take advantage of the latter app’s young user base in the US and other countries. In 2020, it was the most downloaded app.Īround the same time, ByteDance spent $1 billion to acquire the Shanghai company Musical.ly, a video platform that lets users create short, lip-synced music videos. ![]() ![]() It quickly became one of the most popular apps on both Apple and Google Play Store. The app experienced a seismic growth in popularity among the Chinese population, so the company prepared for an international release.Īn international version of Douyin was created and called TikTok and was released in global markets in September 2017. Surprisingly, it was developed in only 200 days and was first released in China. It allows TikTok users to create short videos and share them with friends, family, and fans.īefore it was known as TikTok, it was called Douyin.ĭouyin was originally founded by the privately held Chinese company called ByteDance in 2017 after switching the name from A.me. Treasury but the money isn’t related to the agreement.TikTok is a widely known social media app used for sharing videos. ByteDance said TikTok is reportedly supposed to make $5 billion payment in taxes to the U.S. after Trump announced the deal’s component on Saturday. The news also comes as ByteDance said it heard for the first time it was setting up a $5 billion education fund in the U.S. Oracle and Walmart in their joint statement said four out of five board of directors will be Americans. TikTok confirmed to Reuters it will have an initial public offering for TikTok Global. Oracle and Walmart have said all of TikTok’s technology will be owned by TikTok Global. #WHO OWNS TICTOC CODE#source code but the algorithms and technologies would still be owned by ByteDance, the Chinese company said. Under the deal, Oracle could look at TikTok U.S. Trump’s concern revolved around the Chinese company possibly providing American user data to the Chinese government. Trump signed an executive order last month requiring that ByteDance sell TikTok within 90 days to continue operating in the U.S. The remarks from the companies came after Trump gave his blessing to the agreement on Saturday. Adding those investors to Walmart’s and Oracle’s stake would account for more than 50 percent of the new company. investors own 41 percent of ByteDance itself. It’s possible that the different explanations reflect the fact that U.S. Walmart did not immediately respond to a request for comment. “Upon creation of TikTok Global, Oracle/Walmart will make their investment and the TikTok Global shares will be distributed to their owners, Americans will be the majority and ByteDance will have no ownership in TikTok Global,” said Oracle Executive Vice President Ken Glueck. Oracle on Monday said ByteDance would have no ownership in TikTok Global. investors, including a 12.5 percent stake for Oracle and a 7.5 percent stake for Walmart.īut ByteDance called it a “rumor” that U.S. ![]() In a joint statement, Oracle and Walmart said the deal with President Trump’s administration gave majority ownership of TikTok to U.S. company that will have ownership over most of the app’s operations internationally, contradicting Oracle and Walmart’s statement. In a Monday statement obtained by Reuters, ByteDance said it will own 80 percent of TikTok Global, a new U.S. ByteDance, the Chinese company that owns TikTok, said Monday that TikTok will become its subsidiary, despite the fact that Oracle and Walmart over the weekend said that U.S. ![]()
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