Contents
Who Owns TikTok Now?
You may be wondering, Who owns TikTok now? In the past few years, Walmart and Oracle have both been rumored to purchase a majority stake in the company. But this deal did not go through due to biden’s concerns. Now, the original company behind the app still controls it. It is a Chinese internet entrepreneur by the name of Zhang Yiming. His company, ByteDance, has reaped huge profits from TikTok.
ByteDance
Microsoft is an investor in TikTok, which was founded by two Chinese guys. Microsoft is known for its gaming software and computer software. If they purchased TikTok, they would have widened their reach beyond China and Japan. To see also : Is TikTok Safe For 11 Year Olds?. However, ByteDance had a problem with Microsoft’s requirements. They wanted a company with a US base. The result is a company that will continue to evolve and become more popular.
Despite ByteDance’s strong presence in China, the company is still trying to make a name for itself outside of China. But its nascent foray into gaming shows some promise. During the period of June 21 and 22, 2022, ByteDance generated $1 billion in mobile game player spending. According to a report by Sensor Tower, the company’s mobile games and business made a combined total of $1 billion in player spending.
The Chinese government has been suspicious about TikTok and has even threatened to ban it in the US. However, ByteDance has responded by agreeing to sell a minority stake in the company to two American companies. It will transfer its US data to Oracle. ByteDance hopes to have the U.S. user data removed from company servers. The company has acknowledged that some employees can view U.S. user data, but will limit their access to it.
Oracle
If you have been using the social media app TikTok, you might have noticed that the company has changed its default storage location for user data and traffic in the US. However, the company has been working with Oracle on this for more than a year, and the company has no immediate plans to delete the data. Read also : How to Pin a Comment on TikTok. However, it will still keep backups of the data for the US users on its proprietary servers, which it plans to delete eventually. The company did not reveal when or why that would occur.
If Oracle does end up owning TikTok, users should expect some significant changes. The company is pursuing new ways to secure their users’ private data. Project Texas, spearheaded by ByteDance, is aimed at implementing measures to secure access to sensitive data. In addition to a new data security policy, the company is also looking into partnering with other technology companies. If it does decide to acquire TikTok, it may seek to protect its US users’ data from potential breaches.
Microsoft initially tried to buy TikTok American, but ByteDance declined the deal after Walmart and Oracle approached them with a $20 billion offer. Walmart and Oracle were rumored to have approached TikTok with offers ranging from $20 billion to $30 billion. However, both sides ultimately decided that Oracle was a more reputable co-owner. It’s possible that if Microsoft were to acquire TikTok, it would be a more successful deal for TikTok.
Walmart
Retailers are looking to TikTok to stay on top of the latest trends and create shoppable content. The deal is also a way for Walmart to strengthen its brand among teens. See the article : Who Has the Most Followers on TikTok 2022?. Walmart has already consulted with TikTok to determine what toys are popular this holiday season. The deal is expected to help Walmart grow its digital footprint and expand into other key channels like third-party marketplace, fulfillment, and advertising sales.
As part of the deal, Walmart will provide the TikTok platform with ecommerce services, fulfillment, payments, and omnichannel services. The deal comes just a few months after Walmart agreed to acquire 7.5% of TikTok Global from ByteDance. Since that announcement, Walmart has partnered with other tech companies to expand its e-commerce capabilities, such as Sidechef.
The proposed Walmart-Oracle deal is subject to government approval. The company will take a 7.5% stake in TikTok Global and will own 20 percent of that company. This will help Walmart deliver its omnichannel services to the TikTok platform. A new company called TikTok Global will continue to operate the popular app in the United States and the rest of the world. The deal with Walmart and Oracle also paves the way for new partnerships.
