Tag: ByteDance

US trading firm reportedly owns 15% of TikTok-owner Bytedance

  • US trading firm Susquehanna reportedly owns 15% of TikTok-owner ByteDance, a stake which is potentially worth more than $15 billion.
  • Located just outside of Philadelphia, Susquehanna joined a $5 million investing round in ByteDance the year that it was founded, and invested in Musical.ly which later merged into TikTok.
  • Susquehanna is now stuck in the middle of US-China tensions as ByteDance waits for both governments to approve a deal that includes Oracle and Walmart taking a stake in the Chinese company.
  • Visit Business Insider’s homepage for more stories.

US trading firm Susquehanna quietly owns 15% of TikTok parent firm ByteDance, according to the Wall Street Journal, a stake potentially worth billions.

Susquehanna’s stake may be worth as much as $15 billion, according to PitchBook data cited by the Journal. This reportedly makes Susquehanna the biggest external investor in the Chinese social-media company. The firm is a giant in options trading,

Read More

TikTok Parent ByteDance Seeks Chinese Approval For U.S. Deal With Oracle, Walmart

Topline

TikTok’s parent ByteDance has applied for an export license in line with the Chinese government’s new regulation on the sale of AI technology, the company disclosed in a blog post, as it seeks Beijing’s approval for its proposed deal to sell a 20% stake in the video-sharing platform to Oracle and Walmart.

Key Facts

In a post made on the Chinese blogging platform Toutiao, ByteDance wrote that it has submitted a license application to the Beijing Municipal Bureau of Commerce for the export of “prohibited and restricted technologies,” but did not offer any details on the exact technology in question.

Last month, the Chinese government had updated its export controls list adding AI technologies—including ‘‘personalized content recommendation” tools like the one used by TikTok—in a move that necessitates its approval for any deal

Read More

ByteDance Files for China Approval to Export TikTok Tech

(Bloomberg) — ByteDance Ltd., the Chinese parent of video app TikTok, submitted an application in Beijing for permission to export technology, as it tries to work out an agreement with the Trump administration that will avoid a U.S. ban on the service.



a hand holding a cell phone: The logo for ByteDance Ltd.'s TikTok app is arranged for a photograph on a smartphone in Sydney, New South Wales, Australia, on Monday, Sept. 14, 2020. Oracle Corp. is the winning bidder for a deal with TikTok’s U.S. operations, people familiar with the talks said, after main rival Microsoft Corp. announced its offer for the video app was rejected.


© Bloomberg
The logo for ByteDance Ltd.’s TikTok app is arranged for a photograph on a smartphone in Sydney, New South Wales, Australia, on Monday, Sept. 14, 2020. Oracle Corp. is the winning bidder for a deal with TikTok’s U.S. operations, people familiar with the talks said, after main rival Microsoft Corp. announced its offer for the video app was rejected.

The company said it filed the request with the city’s commerce bureau after China tightened restrictions on the export of certain technologies, including those used in TikTok. A spokesman for the commerce ministry acknowledged the filing Thursday, saying it’ll be assessed “in accordance with the relevant rules

Read More

ByteDance asks China for approval to export TikTok technology: report

TikTok’s parent company ByteDance has sought permission from the Chinese government to export technology, Bloomberg reported Wednesday.

ByteDance filed a request with the Beijing Municipal Commerce Bureau asking for approval to export its technology under restrictions recently implemented by the Chinese government, according to Bloomberg.

ByteDance, TikTok, and the Commerce Bureau did not respond to requests for comment.

In August, China expanded its list of “forbidden and restricted technology exports” to include “personalized information recommendation services based on data analysis” — such as the algorithm that powers TikTok. That move threw a wrench in the TikTok deal by requiring the company to obtain a license from the government, effectively giving Beijing veto power over a deal.

Following the announcement of the new rules, ByteDance reportedly considered bypassing that hurdle by selling TikTok without handing over its source code, but Bloomberg’s report Wednesday suggests the company wants the algorithm to be

Read More

ByteDance applies for tech export licence in China amid TikTok deal talks

By Brenda Goh



Illustration picture of Bytedance logo with Chinese and U.S. flags


© Reuters/FLORENCE LO
Illustration picture of Bytedance logo with Chinese and U.S. flags

SHANGHAI (Reuters) – ByteDance has applied for a tech export licence in China as it races to seal a deal with Oracle Corp and Walmart Inc that it hopes will end U.S. government plans to ban its TikTok video-streaming app on security grounds.

Loading...

Load Error

The Beijing-based firm submitted the application to Beijing’s municipal commerce bureau and is awaiting a decision, it said in a statement on its Toutiao online news platform on Thursday, without referring to ongoing talks over its U.S. operations.

The application comes about a month after China revised its list of technologies subject to export bans or restriction for the first time in 12 years, in a manner which experts said gave the government a say over any TikTok deal.

ByteDance has said its deal with Oracle and Walmart will

Read More

China’s Bytedance Says It Will Own 80% of TikTok Global

Shortly after President Donald Trump “gave his blessing” to TikTok’s U.S. sale, he claimed the deal completely addresses his administration’s national security concerns and “has nothing to do with China.” However, a new statement released by Bytedance, the Chinese startup that owns TikTok,  (via CNBC) appears to contradict Trump’s claims.

Bytedance says it will retain a substantial 80 percent stake in TikTok Global, a new subsidiary of the video app for the U.S. market in which both Oracle and Walmart will also be minority holders.

“It’ll be a brand new company. It will have nothing to do with any outside land, any outside country, it will have nothing to do with China,” Trump said, pronouncing the agreement a success on Saturday, 19th September.

Plus, Bytedance’s founder and CEO, Zhang Yiming will be included in the border of directors of TikTok Global — alongside other members such as the CEO of

Read More

ByteDance says it will not transfer algorithm to Oracle

The logos of the Chinese video portal TikTok and the US software and hardware manufacturer Oracle Corporation can be seen on a smartphone and screen on September 14, 2020 in Berlin, Germany.

Thomas Trutschel | Photothek | Getty Images

GUANGZHOU, China — ByteDance will not transfer algorithms and technologies to Oracle as part of a deal announced over the weekend to keep social media app TikTok operating in the U.S.

President Donald Trump said he approved a deal on Saturday that will see the creation of a U.S.-headquartered firm called TikTok Global with Oracle and Walmart taking minority stakes. Oracle will become TikTok’s secure cloud provider and host U.S. user data. 

But the deal does not entail any transfer of algorithms and technologies, according to a statement from ByteDance on Monday. The company said Oracle can instead check the source code. 

“The current plan does not involve the transfer of

Read More

China’s ByteDance seeks $60 billion TikTok valuation in U.S. deal: Bloomberg News

(Reuters) – China’s ByteDance Ltd is seeking a valuation of $60 billion for TikTok as Oracle Corp and Walmart Inc take stakes in the short-video app’s business to address U.S. security concerns, Bloomberg News reported on Sunday, citing an unnamed person familiar with the matter.

Oracle will take a 12.5% stake in TikTok Global and store all its U.S. user data in its cloud to comply with U.S. national security requirements, the companies said on Saturday. Retail giant Walmart said it would take a 7.5% stake.

The two companies would pay a combined $12 billion for their stakes if they agree to a $60 billion asking price, Bloomberg reported. https://bloom.bg/33H3rT6

ByteDance, TikTok, Oracle and Walmart did not immediately respond to requests for comment on the report.

The final valuation had not been set as the companies worked out the equity structure and measures for data security, the Bloomberg report added.

Read More

China’s ByteDance Gets Trump Nod to Avoid TikTok Shutdown | Top News

By David Shepardson, Alexandra Alper and Echo Wang

WASHINGTON/NEW YORK (Reuters) – U.S. President Donald Trump said on Saturday he supported a deal in principle that would allow TikTok to continue to operate in the United States, even as it appeared to conflict with his earlier order for China’s ByteDance to divest the video app.

ByteDance was racing to avoid a crackdown on TikTok after the U.S. Commerce Department said on Friday it would block new downloads and updates to the app come Sunday. U.S. officials had expressed concern that the personal data of as many as 100 million Americans that use the app were being passed on to China’s Communist Party government.

Trump signed an executive order on Aug. 14 giving ByteDance 90 days to sell TikTok. The deal announced on Saturday, however, is structured as a partnership rather than a divestment.

TikTok will be owned by a new

Read More

China’s ByteDance gets Trump nod to avoid TikTok shutdown

WASHINGTON/NEW YORK (Reuters) – U.S. President Donald Trump said on Saturday he supported a deal in principle that would allow TikTok to continue to operate in the United States, even as it appeared to conflict with his earlier order for China’s ByteDance to divest the video app.

ByteDance was racing to avoid a crackdown on TikTok after the U.S. Commerce Department said on Friday it would block new downloads and updates to the app come Sunday. U.S. officials had expressed concern that the personal data of as many as 100 million Americans that use the app were being passed on to China’s Communist Party government.

Trump signed an executive order on Aug. 14 giving ByteDance 90 days to sell TikTok. The deal announced on Saturday, however, is structured as a partnership rather than a divestment.

TikTok will be owned by a new company called TikTok Global and will be headquartered

Read More