ByteDance to keep 80% in TikTok Global in pre-IPO

Monday, 21. September 2020 07:56

ByteDance Ltd. said on Monday that it is planning a pre-IPO financing round in which it will keep an 80% stake in its United States subsidiary TikTok Global, while American companies will take the remaining 20%.

"The board of directors of TikTok Global will include Bytedance founder Zhang Yiming, current Bytedance directors as well as the CEO of Walmart," the Chinese company added in a statement.

Earlier, Oracle said it reached a deal to become TikTok's technology partner with a 12.5% stake in the US subsidiary, while Walmart is set to take a 7.5% stake. TikTok Global is planning to go public next year, according to media reports.

Related Links: Walmart Inc.Oracle Corporation
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Breaking the News / NP