It stays: this is how TikTok has gotten rid of the veto in the United States

Trump was clear: if TikTok and other applications of Chinese origin were not sold to North American companies they would have to stop operating in the United States on September 20Well, both TikTok and WeChat, the most famous to suffer this veto, have been released for now and are still available for download on both the Google Play Store and the App Store in the north of the American continent . Although the clock continues its countdown on them.

It has been an agreement in extremis by ByteDance, the current Chinese owner of TikTok, which has allowed the most famous video application of the moment to be saved from Trump's anger and measures. Thus, although the deal was for most of the company that makes up TikTok to be North American by the 20th, ByteDance has obtained an extension by confirming a preliminary agreement for the sale of 20% of the company to Oracle and Walmart Both US companies. With what the new deadline is located for September 27. If Trump's mandate is not fulfilled by then, the application will be completely banned in the United States.

Trump says goodbye to TikTok and WeChat in the United States

TikTok, about to be an American company

De memento TikTok is being cut up and sold in parts to save its operation and avoid vetoes and limitations in the United States.The plan is already underway, but it is being carried out against the clock so as not to suffer cuts. Thus, before next September 27 the transfer of TikTok from China to the United States must be effective.

According to CNBC journalist Alex Sherman, TikTok would be distributed as follows. Oracle, which would host TikTok's content in the cloud, would take 12.5%. 7.5% would remain in the hands of the Walmart supermarket chain and ByteDance would own the remaining 80%. Of course, 40% of that Chinese property comes directly from US capital investment funds, with which the majority of the shares and property of TikTok would finally be of companies in the United States, although ByteDance is still more than present in the equation.

So the ownership of TikTok Global will be, according to a person familiar with the matter: Oracle – 12.5%Walmart – 7.5%ByteDance – 80% …

But 40% of ByteDance's ownership is US venture capital funding. That’s how the Trump admin is calculating this deal as “majority US $”

- Alex Sherman (@sherman4949) September 20, 2020

But beware, that's not all. Now ByteDance has announced that TikTok Global, the new company created by the North American part of TikTok, will launch a public offering of shares According to EFE, this measure will be carried out to improve its business structure and transparency.

EFETV | Bytedance announces that TikTok Global will launch a public share offering. pic.twitter.com/G3bFgP1W1j

- EFE News (@EFEnoticias) September 21, 2020

It is also known that ByteDance's objective to transform TikTok into a North American company is to take the headquarters of the social network to that country. Something that, according to his accounts, will create up to 25.000 jobs. In addition, it will make use of the infrastructure of the Oracle cloud to host the content of TikTok users With which everything would stay at “home”. Along with this, the board of directors will be made up of four Americans. Sufficient measures for the United States government to approve the transaction and the operation of the social network. No limitations or vetoes. Of course, for this you will have to arrive on time to September 27 with all these measures.

For now, TikTok is saved from burning in the United States thanks to this gesture. Or, at least, he's gained an extra week of life before the ban takes effect. Something that they seem to want to avoid as much as possible since ByteDance.

For its part, WeChat has managed to avoid the veto thanks to the dissent of a Californian judge, who has overturned Trump's ban. His argument is that thedecision would go against the first amendment to the country's constitution, which allows for freedom of expression.Something that will save them time but that can be ratified by the United States government.