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Miguel Cordon · · 1 min readTikTok to set up global headquarters in the US
US Secretary of the Treasury Steven Mnuchin said in an interview with CNBC that TikTok has committed to establishing a global headquarters in the US.
The new entity will operate and be managed independently from Beijing-based ByteDance, the report stated, citing people familiar with the matter. Oracle will process TikTok’s data in the US and possibly other countries as well, sources added.
ByteDance is set to be the majority shareholder of the new American entity. Oracle will also have a stake in TikTok as a whole.
Other US-based investors, which may include retail giant Walmart, would own minority stakes in the new US-based company as well. Exact details on TikTok Global’s ownership, however, are still subject to change, sources said.
The development comes after Oracle reportedly won the bidding for TikTok’s US operations, beating out tech giant Microsoft in the process. ByteDance said Oracle would be its “technology partner,” but did not disclose any further information on the two companies’ partnership.
Editing by September Grace Mahino
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