The new TikTok-Oracle company named ‘TikTok Global’ plans to go public in a year

CNBC's Fast Money
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Automatic TRANSCRIPT

We are expecting an announcement in the next day or so on the approval of a new entity that I'm total be called tick top global getting some new details from a source close to the situation about why this proposal is expected to be approved and makes this new tick tock global majority owned in the US by source explaining that today by dance is forty percent owned by us, investors couldn't KKR SEQUOIA General Land and. And it's fifty one percent owned by Chinese nationals. Now, a new tiktok global would mirror those ownership stakes. So bike dance selling anything more than about ten percent to Oracle would make the company majority US owned now is expected to by about twenty percent of this new company tiktok global. Now, the sale of an additional stake to Walmart would further increase US ownership over that fifty percent mark multiple sources telling me that tiktok global plans to file for an IPO on one of the US stock exchanges in about a year that would again further dilute Chinese ownership and sources. Tell me that Walmart would get a seat on the. Board the board would be subject to US government approvals. I'm told by a source close to the situation and the CEO and C. Suite would be American. Now, this comes as the companies, of course, looking for a permanent CEO replace Kevin Mayor The New York Times reporting that among those that Tiktok has talked to Kevin System instagram's founder and former CEO? We are awaiting word from the president on this the deadline he said on the deal is this coming Sunday for the fact that over fifty percent of the corporate ownership would be us-based seems very much key Melissa to approval of this deal.

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