The daily business briefing: September 21 , 2020

ByteDance rejects "groundless rumors" about its TikTok deal, a judge blocks Trump order to remove WeChat from app stores, and more 

The TikTok logo on a phone
(Image credit: Manjunath KiranAFP/Getty Images)

1. ByteDance stresses that it will still control TikTok Global

China's ByteDance on Monday disputed "groundless rumors" about its partnership with Oracle and Walmart to establish a subsidiary that will run its operations in the United States. ByteDance emphasized that it would control 80 percent of TikTok Global, while Oracle would own 12.5 percent and Walmart 7.5 percent. U.S. supporters of the deal have said that the Oracle and Walmart stakes give Americans a majority stake in TikTok Global because U.S. investors also own 41 percent of ByteDance. The Beijing-based company also rejected President Trump's assertion that it would pay $5 billion to establish an education fund dedicated to teaching U.S. students "the real history of our country." ByteDance said the $5 billion is not a special fee but an estimate of the U.S. taxes it would pay over several years if TikTok Global does well.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.