β The Saga Continues - Latest on the TikTok Deal
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The Saga Continues β IPO for TikTok Global to Win US Deal?
Parent ByteDance plans to IPO TikTokβs global business if President Trump green lights Oracle and Walmart partnering with TikTok.
What is Happening?Β President Trump will decide TikTokβs fate in the US in the next day or two. ByteDance is open to IPO of Tiktokβs global business (TikTok Global) to address ownership concerns, as it maneuvers to avoid a US ban that could come as early as next week.
Microsoft had lost its bid for TikTok over the weekend and Oracle got into pole position although its term sheet was not structured as a sale but a partnership. Some of the aspects of the term sheet have been okayed by the White House, but other sticky points remain. President Trump had said earlier this week, that he doesnβt like what heβs seen thus far. However, other administration officials, notably, Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross are more favorable. If the President approves, ByteDance US investors, Oracle Corp, and Walmart will hold a 60% stake in TikTokβs US operations.
Oracle will have the right to audit TikTokβs source code and store user data on its cloud; TikTok Global will have a government-approved board of directors, including a national security director who will oversee user data protection, and an American CEO. However, there are areas of uncertainty that are yet to be addressed. For instance, it is unclear what assets TikTok Global would own beyond its US operations. Whether and how ByteDance will get approval from the Chinese government to put this deal together is also uncertain.
Between TikTok USβ CEO,Β Kevin Mayer resigning, the company suing the US government, and a whole host of players bidding to get a piece of the 100M user pie the company has, all the while skirting with a total ban in the US, itβs been a rollercoaster ride for sure. Watch this space for more in the coming days.
NewsworthyΒ π°
Game On: Unity prices IPO above range at $52, initially valuing game software company at $13.7 billion
Cut the Clutter: Facebook announces curbs on internal debate of political issues (FBΒ -3.30%)
For Greater Good: Amazon names first recipients of its $2 billion Climate Pledge Fund (AMZNΒ -2.25%)
Later TodayΒ π
6.00 PM IST:Β Current account deficit
7.30 PM IST: UMich consumer sentiment index (preliminary)
7.30 PM IST:Β St. Louis Fed President James Bullard speaks
Fun Fact of The DayΒ π
Banging your head against a wall for one hour burns 150 calories. (Please don't do it!)
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