Under ByteDance's latest proposal, Oracle will be the firm's technology partner and assume management of Tik-Tok's US user data. But ByteDance will continue to retain control of the powerful algorithm that keeps users engaged by predicting what sort of videos they will enjoy, as per Financial Times.
Other US investors, potentially including the world's largest retailer Walmart, would own a minority stake, the paper reported, sourcing people briefed on the discussions, who stressed that the exact details are subject to change.
Some of ByteDance's top investors, including General Atlantic and Sequoia, will also be given minority stakes in those operations, according to Reuters.
Oracle did not immediately respond to a request for comment. ByteDance declined to comment.
Published : September 17, 2020
By : China Daily/ANN