BuyteDance statement and Department of Commerce challenges judge order that blocked WeChat

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ByteDance said, it would own a majority stake in the new TikTok Global in the U.S. appearing to contradict President Donald Trump’s claims the deal has nothing to do with China. It plans to carry out a small round of pre-IPO (initial public offering) financing that will give ByteDance an 80% stake in TikTok Global. As part of the deal, Oracle, Walmart and ByteDance agreed to list TikTok Global on an American stock exchange within 12 months.

On Saturday, Trump gave his blessing to a deal that would see Oracle and Walmart take a minority stake in a U.S. headquartered company called TikTok Global. Oracle would become the secure cloud provider and host American users’ data in the country.

The United States Department of Commerce said on Monday it will challenge an order issued Sunday by a US judge that blocked the department's order requiring Apple and Google to remove WeChat from their US app stores.

US Magistrate Judge Laurel Beeler in San Francisco issued a preliminary injunction that blocked the department's order, which would also have barred other US transactions with Tencent Holding's WeChat, potentially making the app unusable in the United States.