TikTok fact-checks: US IPO, Chinese ownership, $5B in taxes – TechCrunch

There is no speculation or report around TikTok’s the future in the DYE In a flurry of news, TikTok’s parents published Chinese ByteDance a expression (in Chinese) On Monday morning, a clarification was reached on his ongoing deal that had attracted Glover’s attention in the past few weeks.

ByteDance is still the owner

Of China ByteDance confirms that it will retain an 80% stake in TikTok after selling a whopping 20% ​​to Oracle, the “trusted technology partner”, and Walmart, the “partner partner”.

But the adjustment does not address the concerns of many observers, such as my colleague Jonathan Shieber discussed“Everyone benefits from the transaction except security customers in the United States and those who have security concerns about TikTok algorithms and the ways in which they can be used to influence public opinion in the United States.”

Sessions are on the ByteDance TikTok forum current members, except for ByteDance founder Zhang Yiming all non-Chinese. Walmart CEO Doug McMillon is the latest addition to the board.

TikTok is looking for a DY IPO

TikTok announces that it is looking at an initial public offering in the United States to “further increase corporate governance and transparency.”

Clearly, the video app hopes that the IPO, which will provide more public oversight, can allay fears about a national security threat linked to its Chinese roots.

In particular, ByteDance in a statement refers to the video app as “TikTok Global”, suggesting that the app will not fall into the United States and other units. TikTok claims to have nearly 700 million monthly users worldwide, as stated in court document. There are 100 million users in the United States, which has its current headquarters.

There is no algorithm transfer

Compared to the previous one reports, ByteDance will not deliver TikTok algorithms or technologies to Oracle. Instead, the U.S. Database Authority will take over the authority to conduct security checks on “DikE TikTok resource codes.”

“Finding source codes is a universal solution to the data security problems posed by multinational corporations,” ByteDance said, trying to align its decision. Microsoft Clarity Center in China as well equal facility Cisco is based in Bonn, Germany.

It is still unclear how Oracle’s role as a code monitor and user data host will address concerns surrounding the blacklisting of Beijing TikTok content.

$ 5 billion in taxes

ByteDance estimates that TikTok will pay a total of $ 5 billion in income tax and other tax dollars generated in the business to the U.S. Treasury in the coming years. However, the latter figure is linked to TikTok’s “real business performance and U.S. tax structure,” the parent said, stressing that tax revenue “has nothing to do with a permanent contract.”

Loyalty to education

In response to reports that TikTok would set up a $ 5 billion training fund in the United States, ByteDance said it was unaware of such a plan but was constantly trying to train, including working with “partners and partners” to design online powered by intellectual and made videos.

In China, ByteDance’s entry into education has been widely reported. In addition to proprietary products like Gogokid English Learning Platform, the company also invests in players outside of Minerva, supported organization traditional traditional higher education.

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