Taking too long? Close loading screen.
Connect with us

Tech

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

Published

on

There is no shortage of speculations and reports around TikTok’s future in the U.S. Amid a swirl of rumors, TikTok’s Chinese parent ByteDance issued a statement (in Chinese) on Monday morning, bringing clarity to its ongoing deal that has captured global attention over the past few weeks.

ByteDance is still the owner

China’s ByteDance confirms it will retain an 80% stake in TikTok after selling a total of 20% to Oracle, its “trusted technology partner,” and Walmart, its “commercial partner.”

But the arrangement doesn’t address the core of many observers’ worries, as my colleague Jonathan Shieber argued: “The deal benefits 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 latest addition to the board.

TikTok seeks US IPO

TikTok confirms it’s seeking an initial public offering in the U.S. in an effort to “further enhance corporate governance and transparency.”

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

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

No algorithm transfer

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

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

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

$5 billion tax dollars

ByteDance estimates that TikTok will pay a total of $5 billion in income tax and other tax dollars incurred in business to the U.S. Treasury in the coming years. Nonetheless, the final figure is contingent on TikTok’s “actual business performance and the U.S. tax structure,” the parent said, stressing that the tax money has “nothing to do with the ongoing deal.”

Educational commitment

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

Source

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

Charge Your Phone Wirelessly With 50% off a Multifunctional LED Lamp

Published

on

Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

White Wireless Charge Lamp | $18 | Amazon | Clip coupon + code ABC88699
Black Wireless Charger Lamp | $20 | Amazon | Promo code ABC88699

When you’re ready to turn in for the night, you don’t want to forget to charge your phone— especially if your mobile device doubles as your alarm clock.

With this wireless charger lamp, you can make this crucial step of your nightly routine even easier by just setting your phone on the wireless charging pad and… well, that’s all there is to it!

Advertisement

Other functions include multiple lighting modes as well as a sleep timer option for auto shut-off of the light after 30 or 60 minutes.

This lamp can be yours in white for $18 if you clip the coupon on Amazon (it’s below the original $40 price) and add promo code ABC88699 at checkout.

You can snag the black version for $20 using the same code—no coupon though, sorry.

Don’t sleep on this deal! Who knows how long stock or the coupon code will last?

Advertisement


Source

Continue Reading

Tech

Keep That Hotdish Hot With 65% Off a Luncia Casserole Carrier, Only $11 With Promo Code

Published

on

Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Luncia Double-Decker Dish Carrier | $11 | Amazon | Promo code SDDU9S7F

It has been a long time since the days we could safely have a potluck or other gatherings, but we have a fantastic deal perfect for once those times return. These double-decker Luncia dish carriers can be had for 65% off when you add promo code SDDU9S7F at checkout and clip the coupon on the site (it’s just below the price). These holders fit 9″x 13″ sized baking dishes.

Advertisement

That means you can insulate and keep two dishes of food warm for only $11 instead of $30. What’s more, your Luncia carrier will arrive by Christmas if you order today as a Prime member.

Just add promo code SDDU9S7F and clip the 5% off coupon to bring the price down to $11 for the blue or the grey option.

Advertisement

Grab this offer while it’s still around!


Source

Continue Reading

Tech

Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

Published

on

Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy

Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

Advertisement

You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.

It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!

Advertisement


Source

Continue Reading

Trending