Tiktok Global plans to hold public listings, with its Chinese parent company ByteDance said on Monday after announcing a deal over the weekend that would prevent the closure of the popular app in the US.
Agreement that has been approved Donald Trump, Sees silicon Valley vast Oracle While being a data partner for a video-sharing platform Walmart Becomes a commercial partner, creating a new American company called TickTock Global.
On Monday, ByteDance said in a statement on social media that Tiktok Global plans to roll out “small rounds of pre-IPO financing”, after which it will become an 80 percent-owned subsidiary of ByteDance.
“Tickcock Global will also launch a listing plan to further enhance its corporate governance structure and transparency,” the statement said. It did not state how much it was intended to raise or where it plans to list.
Bloomberg News reported that Bytans was seeking a valuation of $ 60 billion (about Rs 4,40,010 crore) for Tickcock, which cited a person familiar with the matter.
Ticketock, which became a global phenomenon with its brand of small, addictive phone videos, has come under fire in recent months as tensions between China and the West escalate.
Trump has claimed that Tiktok is collecting user data for Beijing without providing any evidence and in early August Given bydans By 20 September to hand over Tikotok’s US operations to an American company.
Bytdance, under pressure not to give in to US demands in China, was scheduled to clarify the “rumors” on Monday after the details of the deal were announced. It said that the current plan “does not involve the transfer of any algorithms and technologies”.
While Oracle has the authority to examine TicketTalk’s source code in the US, ByteDance said that displaying source code is a way for multinationals to address local data security concerns.
Bytdance said that the “so-called tax payment of $ 5 billion (about Rs 36,668 crore) to the US Treasury” was a forecast of corporate income tax and other operating taxes TikTok would need to pay for business development.
© Thomson Reuters 2020
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