Sources indicate that the latest negotiations between the U.S. government and ByteDance, the parent company of TikTok, have resulted in ByteDance agreeing to allow a U.S. company to hold a majority stake in the new entity formed from the acquisition of TikTok.

According to sources, U.S. investors, including Oracle Corp and Walmart, will hold at least 60% of TikTok, and the new company will be named "TikTok Global."

The board of TikTok Global will have a majority of American directors, and an American will serve as the CEO. Oracle will hold a 20% stake in TikTok Global, and an executive from Walmart will be one of the board members of the company.

This agreement comes after the U.S. Treasury submitted a new proposal to ByteDance yesterday to address national security concerns, which ByteDance has responded positively to.

Sources state that President Donald Trump is expected to decide within 24-36 hours whether to approve Oracle's proposal to acquire TikTok in the U.S. The president has discussed the matter with cabinet members and advisors before making a final decision.

Previously, there were reports that President Trump expressed dissatisfaction with ByteDance being the majority shareholder in TikTok's U.S. operations.

SOURCE : www.bangkokbiznews.com