The dispute between Chinese company BiteDance and Oracle of America has increased over the acquisition of the video app TikTok. The agreement was signed with the permission of President Donald Trump between the two firms.
ByTdance Oracle has formed a new company named TikTok Global in order to defend Tik Tok from restrictions in the US, which has the right to all apps related to it in the US. On Monday, however, Bytdance said its share in the new company would be 80 percent and its subsidiary would be TikTok Global.
Oracle and Walmart said on Saturday that the majority of people in Tik Tok Global will own the Americans. These two companies have both decided to take a 12.5% and 7.5% stake in Tik Tok Global, respectively. But now Bytdance ‘s arguments have clouded the deal.
Actually, the presidential election is going to be held in the US on November 3 this year. President Donald Trump doesn’t want TikTok to be banned and is disturbing the youth. Therefore, he wants this app somehow comes to American companies, so that it does not have to be banned.