TikTok's Chinese-owned parent company ByteDance is reportedly planning to hold an initial public offering in the U.S. if President Donald Trump approves a deal with Oracle. The move hopes to avert Trump's ban of the popular app set to take effect next week.
On Wednesday, the Treasury Department provided ByteDance with revisions to the agreement the two companies have tentatively signed off on. Various media reported that Oracle will own a stake of TikTok, but how much each would own is unclear. Walmart may also be part of that arrangement. Any deal still must be cleared by Trump.
Walmart had previously sought to join a deal with Microsoft Corp, but their bid was rejected by ByteDance.
TikTok is also reportedly hunting for a new CEO and multiple outlets Thursday report Instagram co-founder Kevin Systrom is being considered.
Sunday will mark 45 days since Trump signed an executive order stating TikTok must strike a deal in the country or risk being banned. The administration accuses TikTok of collecting U.S. users data and sharing it with the Chinese government, a risk to national security. TikTok denies this.If TikTok went public, it could be one of the largest tech IPOs yet. Some investors have valued the company at $50 billion.
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