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Trump, Oracle push back after ByteDance claims it will retain control of TikTok Global

US President Donald Trump threatened that the proposed deal for TikTok — which involves the creation of a new US-based company, TikTok Global — will not be approved if TikTok's Beijing-based parent ByteDance retains control of the company. "Everything is going to be moved into a cloud done by Oracle, it's all through the cloud. And it's going to be totally controlled by Oracle…and if we find that they don't have total control, then we're not going to approve the deal,” Trump told Fox News. He had earlier given his “blessing” to the deal and had “approved the deal in concept.” Trump’s statement came after ByteDance, in a blog post on Monday, said that it will own 80% of TikTok Global, with Oracle and Walmart sharing the remaining 20%. The company also said that the board of TikTok Global will include ByteDance founder Zhang Yiming, current directors of the company, and Walmart CEO Doug McMillon. The company didn’t specify whether a representative of Oracle will be on the board of directors of TikTok Global. ByteDance also clarified that the current deal with Oracle and Walmart does not involve the transfer of TikTok’s algorithms and technologies. It said that Oracle only has the authority to check the source code for TikTok USA. Following ByteDance’s clarification, Oracle hit out at the company, claiming that ByteDance will have no ownership of TikTok Global. “Upon creation of TikTok Global, Oracle/Walmart will make their investment and the TikTok Global shares will be distributed to their owners, Americans…

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