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TikTok fact-checks: US IPO, Chinese ownership, $5B in taxes
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TikTok fact-checks: US IPO, Chinese ownership, $5B in taxes
There is no shortage of speculations and reports around TikTok's future in the U.S. Amid a swirl of rumors, TikTok's Chinese parent ByteDance issued a statement (in Chinese) on Monday morning, bringing clarity to its ongoing deal that has captured global attention over the past few weeks. China's ByteDance confirms it will retain an 80% stake in TikTok after selling a total of 20% to Oracle, its 'trusted technology partner,' and Walmart, its 'commercial partner.' Sitting on TikTok's board are ByteDance's current members, all non-Chinese except ByteDance founder Zhang Yiming.
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