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TikTok fact checks: US IPO, Chinese ownership, $5B in taxes

There is no shortage of opinion and reports around TikTok’s future in the U.S. Amid a swirl of rumors, TikTok’s Chinese mother ByteDance problem a statement( in Chinese) on Monday morning, generating clarity to its ongoing lot that has captivated global attention over the past few weeks.

ByteDance is still the owner

China’s ByteDance corroborates it will maintain an 80% stake in TikTok after selling a total of 20% to Oracle, its” relied engineering collaborator ,” and Walmart, its” commercial partner .”

But the arrangement doesn’t address the core of countless eyewitness’ anxieties, as my colleague Jonathan Shieber argued:” The transaction assistances everyone except U.S. consumers and people who have actual security concerns about TikTok’s algorithms and the ways they can be used to influence opinion in the U.S .”

Sitting on TikTok’s board are ByteDance’s current members, all non-Chinese except ByteDance founder Zhang Yiming. Walmart CEO Doug McMillon is the last addition to the board.

TikTok attempts US IPO

TikTok supports it’s seeking an initial public offering in the U.S. in an attempt to” serve to strengthen governance practices and opennes .”

Clearly, the video app hopes an IPO, which will expose it to more public scrutiny, could allay suspicions over the alleged national defence threat attached to its Chinese origin.

Notably, ByteDance refers to the video app as “TikTok Global” in the statement, showing the app won’t be split into a U.S. group and countries around the world. TikTok claims nearly 700 million monthly useds around the globe, as indicates that there is a court document. 100 million of the users are based in the U.S ., where its current headquarters is.

No algorithm carry

In line with previous reports, ByteDance won’t be handing over TikTok’s algorithms or engineerings to Oracle. Instead, the American database being will gain the authority to perform security checks on” TikTok’s U.S. informant codes .”

” Revealing beginning codes is a universal solution to data security challenges posed to multinational company ,” ByteDance said, attempting to equate its decision to Microsoft’s Transparency Center in China as well as a similar equipment Cisco set up in Bonn, Germany.

It’s still unclear how Oracle’s character as a code inspector and user data host will resolve concerns around Beijing’s possible tinkering of TikTok’s content black box.

$5 billion imposition dollars

ByteDance estimates that TikTok will compensate a total of$ five billion in income tax and other excise dollars incurred in business to the U.S. Treasury in the coming years. Nonetheless, the final person is contingent on TikTok’s” actual business concert and the U.S. taxation design ,” the mother said, stressing that the tax money has ” good-for-nothing to do with the ongoing cope .”

Educational commitment

In response to reports claiming TikTok will be setting up a$ 5 billion education money in the U.S ., ByteDance said it was not aware of such a plan but has consistently reserved effort to education, including working with its” marriages and stockholders” to design online class powered by artificial intelligence and videos.

In China, ByteDance’s incursion into education has been largely reported. Asides from proprietary products like the English-learning programme Gogokid, the company also invested in a range of outside musicians including Minerva, the venture-backed institution challenging traditional higher education.

Read more: feedproxy.google.com

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