The suspense comes to an end as ByteDance, TikTok’s parent company finally agree on a deal with the United States Government that allows it to maintain ownership status of the viral video app.
By creating a new company which permits it to operate within the US and a $5 billion payment in tax liability over the course of 5 years, Trump finally assents approval.
With its new arrangement with Oracle and Walmart which will not have it transfer any of its algorithms and maintain 80 per cent stake in TikTok, ByteDance explains that security concerns of the United States have been fully met.
Although the new arrangement finally gets a go-ahead from US President, Donald Trump, it remains subject to approval from China based on a clause that prevents Chinese-originated IPO’s to be sold beyond its shores without approval, read more about it here…
The TikTok’s journey to victory has been a very interesting one, laden with lawsuit after another before this arrangement