Title : Conflicting Messages From Beijing On It's Approval (Or Disapproval) Of The TikTok Deal With The U.S.
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Conflicting Messages From Beijing On It's Approval (Or Disapproval) Of The TikTok Deal With The U.S.
CNBC: ‘Unfair’ but not the worst-case scenario: Chinese state media reacts to ‘reasonable’ TikTok deal
* President Donald Trump tentatively agreed to a deal in which Oracle and Walmart would take a combined 20% stake in TikTok Global.
* ByteDance said it would retain an 80% stake.
* China’s state-backed Global Times tabloid called the deal a “reasonable” outcome but said it was “unfair” ByteDance was put in this position.
GUANGZHOU, China — Chinese state media said ByteDance’s deal to set up TikTok Global in the U.S. is “reasonable,” adding that Chinese authorities would still need to give their approval to a deal with U.S. giants Oracle and Walmart.
Global Times, a Chinese state-backed tabloid, said the TikTok deal avoids the “worst-case scenario” even though it was “unfair” that ByteDance was forced into this position.
On Saturday, President Donald Trump tentatively agreed to a deal in which Oracle and Walmart would take a combined 20% stake in TikTok Global. Oracle will be the cloud provider responsible for storing and handling U.S. user data.
Trump claimed the deal has “nothing to do with China” and Secretary of State Mike Pompeo said the new entity will be “controlled by Americans.”
However, Beijing-headquartered ByteDance on Monday confirmed it would have an 80% stake of TikTok Global. ByteDance also said it would not transfer its algorithms and technology to Oracle, though the U.S. firm can inspect the source code to ensure it’s safe.
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WNU Editor: A few hours ago the indication from Beijing was that they were going to approve the deal (see above). A different story is now emerging .... Beijing Reportedly Plans To Kill Oracle-TikTok Deal (Zero Hedge). I personally think the deal will die because of the jaw-dropping price tag (reportedly around $60 billion US). Bottom line. I will not be surprised if TikTok and other major Chinese apps will be eventually banned from the US.
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