Daily Tribune (Philippines)

TikTok averts U.S. shutdown

TikTok Global will also launch a listing plan to further enhance its corporate governance structure and transparen­cy

- Bytedance was seeking a valuation of $60 billion for TikTok, citing a person familiar with the matter. TikTok — which became a global phenomenon with its brand of short, addictive phone videos — has come under fire in recent months as tensions escalate b

BEIJING, China (AFP) — TikTok Global plans to hold a public listing, its Chinese parent company ByteDance said Monday, after announcing a deal over the weekend that would avert a shutdown of the popular app in the US.

The agreement, which has been approved by Donald Trump, sees Silicon Valley giant Oracle become the data partner for the video-sharing platform while Walmart becomes a commercial partner, creating a new US company called TikTok Global.

On Monday, ByteDance said in a statement on social media that TikTok Global plans to launch a “small round of pre-IPO financing,” after which it would become an 80 percent-owned subsidiary of ByteDance.

The company added that the board of directors of TikTok Global includes ByteDance founder Zhang Yiming, along with its current directors and the CEO of Walmart.

“TikTok Global will also launch a listing plan to further enhance its corporate governance structure and transparen­cy,” the statement said. It did not say how much it intended to raise or where it plans to list. Bloomberg News reported that

?? MARIO TAMA/AGENCE FRANCE-PRESSE ?? TIKTOK Global has averted a shutdown in the United States. Above, a man drops by the TikTok office in Culver City, California.
MARIO TAMA/AGENCE FRANCE-PRESSE TIKTOK Global has averted a shutdown in the United States. Above, a man drops by the TikTok office in Culver City, California.

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