US to control TikTok Global board as China keeps majority ownership

US to control TikTok Global board as China keeps majority ownership

REUTERS/Danish Siddiqui

An envisioned new company consisting of the U.S. operations of the popular TikTok video app would be majority-owned by Chinese parent ByteDance Ltd.but controlled by a board of American executives from the likes of Sequoia Capital and Walmart Inc., a source with knowledge of the situation told Caixin.

The deal, which has received a tentative nod from U.S. President Donald Trump, would see ByteDance bring in U.S. software giant Oracle Corp. and retailing powerhouse Walmart Inc. as minority equity partners for the new company called TikTok Global, valuing it at more than $60 billion, the source told Caixin, speaking on condition of anonymity.

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