Reuters reported on Thursday the new company, dubbed TikTok Global, will have a majority of American directors, a U.S. chief executive and a security expert on the board.
Oracle has agreed to eventually own a 20% stake in the company, according to a source. If Walmart also successfully negotiates acquiring a stake, its CEO, Doug McMillon, would get a seat on TikTok Globals board, the source said.
Mr. Trump said the new TikTok company will be totally controlled by Oracle and Walmart.
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