On Saturday, the Commerce Department announced a one-week delay in the TikTok
order, citing "recent positive developments" in talks over the fate of its US operations.
said the restrictions "were not motivated by a genuine national security concern, but rather by political considerations relating to the upcoming general election." TikTok said if the order is not blocked "hundreds of millions of Americans who have not yet downloaded TikTok will be shut out of this large and diverse online community - six weeks before a national election."
TikTok's Chinese owner, ByteDance, said on Monday it will own 80 per cent of TikTok Global, a newly created US company that will own most of the app's operations worldwide. ByteDance
added that TikTok Global will become its subsidiary.
Corp and Walmart
Inc have agreed to take stakes in TikTok Global of 12.5 per cent and 7.5 per cent, respectively. On Monday, Oracle
said ByteDance's ownership of TikTok would be distributed to ByteDance's investors, and that the Beijing-based firm would have no stake in TikTok Global.
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