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India throws TikTok a challenge after it clears deal with Oracle in US
Date: Sep 21 2020 Submitted By:   Admin

India is willing to reconsider if TikTok wants to re-engage with the government over its ban even as ByteDance is believed to have reached an agreement in the US to sell stakes to Oracle and Walmart.

A day after it was confirmed that Oracle and Walmart are willing to buy 12.5% and 7.5% stakes in US operations of TikTok respectively, India said it is willing to reconsider if the management of the banned Chinese app wishes to re-engage with the government.

The deal which US President Donald Trump said was ‘approved’ by him will see the formation of a new corporate entity in the US –TikTok Global in which Oracle owns 12.5% and retail giant Walmart owns 7.5% while the rest is owned by TikTok’s Chinese parent ByteDance. The new entity will still largely be American as US investors have a 40% stake in ByteDance itself.

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