Trump Administration Pushes for U.S. Control of TikTok
WASHINGTON—Trump administration officials are looking to give American investors a majority share of the company that will take over the Chinese-owned video sharing app TikTok, according to people familiar with the matter.
That is leading to uncertainty and friction over the contours of the emerging deal to transfer the popular app to a U.S.-based entity, as President Trump has demanded.
ByteDance Ltd., the Beijing-based company that owns TikTok, has sought to retain majority ownership for its proposed partnership with Oracle Corp. in a new U.S.-headquartered company that takes over TikTok operations, The Wall Street Journal reported previously.
That has raised concerns among Senate Republicans and others, who say the proposed technology partnership between ByteDance and Oracle falls short of the full U.S. acquisition sought by Mr. Trump, leaving concerns about the Chinese government’s potential access to U.S. user data going forward.
Speaking to reporters late Wednesday, Mr. Trump said he didn’t like the idea of ByteDance maintaining a majority stake in TikTok.