TikTok IPO Said to Be Planned by ByteDance to Win US Deal as Deadline Looms
hina's ByteDance is planning a US initial public offering of TikTok Global, the new company that will operate the popular short video app, should its proposed deal be cleared by the US government, people familiar with the matter said on Thursday.
Trump ordered ByteDance last month to divest TikTok amid US concerns that the personal data of as many as 100 million Americans who use the app could be passed on to China's Communist Party government.
On Wednesday, he reiterated he was opposed to ByteDance retaining majority ownership of TikTok.
The White House and ByteDance have agreed to a term sheet on some aspects of a deal, although Trump has not yet approved it, one of the sources said. Top ByteDance US investors, Oracle and potentially Walmart would hold at least a 60 percent stake in TikTok's US operations, the source said.
White House Chief of Staff Mark Meadows said the situation was still fluid.
"There's no definite proposal that the president's being asked to consider or reject at this point," Meadows told reporters.