It seems that terms of the proposed acquisition deal demand that the parent company of TikTok, which is ByteDance, get no oversight whatsoever of TikTok's activity within the US. It's also been reported by Bloomberg that the US government are making a slice of the sale a condition of that deal:
According to Social Media Today, the key details of the deal are as follows:
- ByteDance Ltd. is seeking a valuation of $60 billion.
- Oracle plans to take a 12.5% share.
- Walmart has agreed to buy a 7.5% share.
- Oracle and Walmart would pay a combined $12 billion.
- A new company will be formed called TikTok Global.
- ByteDance will have "no decision-making authority, no ability to peer into" what the US company is doing.
- Oracle will be responsible for hosting all TikTik's US user data.
- Walmart's CEO will serve on TikTok Global's board of directors.
- Four of the five board members look set to be Americans.
- TikTok Global looks set to get headquarters in Texas, and that's expected to create tens of thousands of jobs in the area.