It was also not immediately clear what assets TikTok Global would own beyond the app's assets in the United States. Oracle has agreed to eventually own a 20 per cent stake in the company, according to the source.
You also have the option to opt-out of these cookies. [contact-form-7 id="23" title="Footer Subscribe Now"].This website uses cookies to improve your experience while you navigate through the website. 1.7 Billion Downloads & 7...Collaboration & Community app used for remote workers and schools. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners.WASHINGTON: China's ByteDance is planning a US initial public offering of TikTok Global, the new company that will operate the popular short video app, should its proposed deal be cleared by the US government, people familiar with the matter said on Thursday (Sep 17).ByteDance is racing to clinch an agreement with the White House that will stave off a US ban on TikTok that President Donald Trump has threatened could happen as early as next week.Trump ordered ByteDance last month to divest TikTok amid US concerns that the personal data of as many as 100 million Americans who use the app could be passed on to China's Communist Party government. Payback seed investors. Beyond TikTok, Trump has also issued an order prohibiting transactions with Tencent Holding Ltd's messenger app WeChat.Earlier this year, Chinese gaming company Beijing Kunlun Tech Co Ltd sold gay dating app Grindr, bought in 2016, for US$620 million after CFIUS ordered its divestment.ByteDance acquired Shanghai-based video app Musical.ly - whose user base was largely American - for US$1 billion in 2017 without seeking CFIUS approval, relaunching it as TikTok the following year. Microsoft did not immediately respond to a request for comment on Thursday. "We'll make a decision soon," Trump said.An IPO of TikTok would be one of the technology sector's biggest-ever stock market debuts, given that the app was recently valued by ByteDance investors at more than US$50 billion. We also use third-party cookies that help us analyze and understand how you use this website. Among Republicans - Trump's party - 69 per cent said they supported the order, though only 32 per cent expressed familiarity with the app.The White House has stepped up efforts to purge what it deems "untrusted" Chinese apps from US digital networks. It would further reduce ByteDance's stake in the company to appease US officials who want to see the Chinese firm loosen its grip on the video app.The filing of the IPO would be on a US stock exchange and could come in about a year, the sources said.There is no certainty over whether Trump will sign off on the agreement. These cookies will be stored in your browser only with your consent. Right now you have an opportunity to be apart of the worlds most valuable start-up with an implied $75 billion price tag.The worlds most valuable start-up with an implied valuation of $75 billion.Launched in 2017 with over 2 billion downloads to date.Most downloaded app on the Apple store, eclipsing YouTube, Facebook, Instagram and Snapchat consistently.The application is growing even more, every other day.Reported revenue of $7.2 billion after its first 12 months of operating.The time to act is now, ByteDance is ready to IPO!To date big players such as Altimter Capital (Airbnb, Vroom etc), Softbank, Goldman Sachs and Morgan Stanley have injected sizeable capital, who can argue with that!$176.9 million in revenue generated through 2019, in the forth quarter alone $88.5 million was generated which is simply astounding as there are no signs of this slowing….Covering 155 countries TikTok has achieved what few can, true global reach with an amazing potential to scale both in size and revenue.Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. It started posting a profit in June 2019. ByteDance is ready to IPO!Short term or long term investment strategy options to suit your goals,This website uses cookies to improve your experience. ByteDance is ready to IPO! Further, ByteDance reported revenue of more than $7 billion in the first half of 2019, causing it to increase its revenue target for the year from $14 billion to $17 billion. These cookies do not store any personal information.Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. 3. Microsoft said on Sunday its offer for TikTok was rejected. 2.
TikTok is an app that lets users create and share short lip-syncing, comedy and talent videos.Yes, ByteDance is profitable. An IPO of TikTok would be one of the technology sector’s biggest-ever stock market debuts, given that the app was recently valued by ByteDance investors at more than $50 billion.
Expansion, Bytedance have made no secret they are looking to expand into alternative markets, listing on a global exchange opens these doors. They want to reach a larger group of consumers outside of China.
Chinese officials have said they do not want ByteDance to agree to a forced sale, and the company's proposal to the White House this week called for it to retain majority ownership of TikTok.The board of TikTok Global would include a national security director, who will be approved by the US and chair a security committee overseeing the protection of user data, according to a person familiar with the matter.The term sheet will grant Oracle the right to inspect TikTok's source code and includes numerous provisions to ensure data security and requirement that all US users data remains in the United States housed by Oracle, the source said.It is not clear what Oracle or Walmart will pay for a stake.
It would further reduce ByteDance's stake in the company to appease U.S. officials who want to see the Chinese firm loosen its grip on the video app.