Two days after the White House gave its blessing to a deal to keep TikTok alive in the US, confusion over who would own and control the popular short video app threatened to derail the process, reported the Financial Times.
ByteDance, the Beijing-based owner of TikTok, and Oracle, which is proposing to operate and safeguard the app in the US, released contradictory statements about who would be in charge of TikTok Global, the new US-based company created by the deal.
The two sides appeared to disagree about whether ByteDance would retain economic ownership of TikTok Global, which has been a sticking point in deal negotiations.
President Donald Trump also spoke out, pledging to act if TikTok Global were not controlled by US companies. “If we find out that they don’t have total control, then we’re not going to approve the deal,” Trump said on Fox News on Monday.