TikTok proprietor ByteDance (BDNCE) has utilized for an export license consistent with Chinese language laws, because it pushes for a cope with Oracle and Walmart for the video-sharing app’s U.S. operations to keep away from a shutdown within the nation, reports CNBC
The applying was submitted to the Beijing municipal bureau of commerce, ByteDance stated in a press release in Chinese language on Thursday. The corporate stated it was ready for a call.
However the assertion didn’t point out the pending deal within the U.S. nor the precise know-how it was seeking to get a license for export.
ByteDance didn’t instantly reply to a request for remark when contacted by CNBC.
Over the weekend, Oracle said it would take a 12.5% stake in a brand new U.S.-based firm referred to as TikTok World and be the cloud supplier, dealing with American person knowledge. Walmart would take a 7.5% stake.