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ByteDance asserts control of TikTok and contests $5 billion fee

ByteDance and Oracle issued conflicting statements on Monday over the terms of an agreement they reached with the White House over the weekend to allow TikTok to continue

Donald Trump
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President Trump signed an executive order on Aug. 14 giving ByteDance 90 days to relinquish ownership of TikTok

Echo Wang & Yingzhi Yang | Bloomberg New York/Beijing
ByteDance emphasised it will remain in control of a hived-off TikTok Global business, appearing to contradict US President Donald Trump’s statements about how the new entity will be directed by Americans and pay an unusual $5 billion fee to the US government.
 
ByteDance and Oracle issued conflicting statements on Monday over the terms of an agreement they reached with the White House over the weekend to allow TikTok to continue to operate in the US, casting doubt on Trump's preliminary blessing of the agreement.
 
ByteDance was racing to avoid a crackdown on its popular short-video app after the

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First Published: Sep 22 2020 | 1:36 AM IST

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