BizTrailBlazer-Blog-ByteDances-TikTok-Global-Planning-for-Public-Offering

ByteDance’s TikTok Global Planning for Public Offering

ByteDance, TikTok’s parent company said that TikTok Global will soon launch a public offering of shares in order to enhance the governance structure and transparency for the firm, which will eventually control the organization’s U.S operations.

According to the parent company, a pre-IPO round will also be conducted by TikTok, which will leave ByteDance with only an 80% stake in TikTok. The organization also added that TikTok Global’s board of directors includes the Founder of ByteDance Zhang Yiming and Walmart’s Chief Executives and the present Directors of ByteDance.

However, the current plan doesn’t involve any kind of Algorithm or technology transfer. But as per ByteDance, Oracle has the security access to TikTok’s security codes.

ByteDance also added that a $5 billion payment to be made to the U.S Treasury by TikTok Global is completely based on the estimated income and other taxes the company needs to pay over the course of the next few years, which has nothing to do with the deal that has been agreed upon with Oracle and Walmart.  

Earlier on Sunday, A U.S judge blocked the administration’s order of removing Chinese owned app WeChat for downloads from Google and Apple’s app store.

On Friday the U.S Commerce Department had issued an order on the grounds of national security to block the messaging app from U.S app stores.

Currently, as much as 100 million and as much as 19 million Americans use TikTok and WeChat respectively. WeChat the messaging app is mainly popular amongst the Chinese students and few Americans who have a personal or business relationships with China.

Share Now

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp

get your ad spaces

BizTrailBlazer---400X700-Ads

explore other articles

2020, is a year that will be hard to forget for most of us. Just after the start of this fateful year, we lost one …

The Internet has come a long way, since the day it was invented. Thanks to the massive adaptation of the internet, it is gobbling up …

Modern technology has many benefits but with so many advantages it comes with few disadvantages too. Especially the technologies that we use in our daily …

As the world moves towards a digital world, that is technologically much more advanced, so must the way everyone runs their businesses. POS or Point …

Present-day consumers want their preferred brands to stay responsive and available to them at all times, whether through social media, email, or chatbots. But, as …

Do you run your own Shopify Store? Are you worried about your sales? If all of these answers are YES, then for sure you are …

What a Monday it is. Soon after the news broke that Microsoft is out of the competition when it comes to bidding for TikTok’s U.S …