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Beijing Would Likely Refuse Oracle, Walmart's TikTok Deal

Beijing Would Likely Refuse Oracle, Walmart's TikTok Deal

Beijing may change its mind and refuse to sell the TikTok division in the United States by Oracle and Walmart.

According to Reuters, citing the Chinese edition of the Global Times, Beijing believes that the terms of this deal threaten the country's national security.

At the same time, the Chinese authorities have not yet made any official statements.

Hu Xijin, editor-in-chief of the Global Times (the publication is considered to be associated with the ruling party of China), writes that the terms of the deal to buy TikTok are unfair. He added that the purchase agreement will not be approved by Beijing.

Recall that under the terms of the deal, the American division of the social network TikTok should buy Oracle and Walmart. At the same time, the Chinese company ByteDance (currently the owner of the social network) will retain 80% of the shares.

Washington initially said it agreed to such terms, but later US President Donald Trump said he had changed his mind and refused to approve the deal.

China is unlikely to approve an “unfair” deal Oracle Corp and Walmart Inc said they have struck with ByteDance over the future of video-streaming app TikTok, the state-backed Global Times newspaper said in an editorial.

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