TikTok Parent ByteDance Seeks Chinese Approval For U.S. Deal With Oracle, Walmart
After President Trump signed an executive order banning the download or update of Chinese-based social media platform TikTok, its parent company ByteDance entered into a contract with US giants Oracle and Walmart to allow the application to continue operating in the US. ByteDance has now applied for an export license in accordance with the Chinese government’s new limitations on the sale of AI technology. ByteDance is seeking Beijing’s approval for the deal, which would give a 20% stake to Oracle and Walmart.
ByteDance announced the developments on a popular Chinese blogging platform called Toutiao, stating that it had requested a license for the export of prohibited and restricted technologies, however, no further details were provided. It is likely that the request is ByteDance dealing with export control lists recently updated by China to include AI technologies, including personalized content recommendation like TikTok uses.