Illustration by Alex Castro / The Verge
In a statement to reporters on Monday, Oracle announced that its new TikTok venture will be entirely divested from ByteDance, a significant break from previous reports of the agreed deal between the two companies.
“Upon creation of TikTok Global, Oracle/Walmart will make their investment and the TikTok Global shares will be distributed to their owners, Americans will be the majority and ByteDance will have no ownership in TikTok Global,” the company said in a statement to reporters.
The statement differs significantly from earlier reports, which showed Oracle and Walmart taking only a 20 percent stake in the new venture and ByteDance maintaining control of the other 80 percent. ByteDance has not publicly relinquished its claim to the…