Trump vows to block any TikTok deal allowing Chinese control
He added Oracle and Walmart "are going to have total control over it. They're going to own the controlling interest... If we find they don't have total control, then we're not going to approve the deal."
ByteDance, under pressure in China not to give in to US demands, said it would hold an 80 percent stake in TikTok Global after a public share offering.
The Chinese firm said the current plan "does not involve the transfer of any algorithms and technologies" and that reports to the contrary were "rumors."
A separate statement from Oracle offered a different view of the transaction.
"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," Oracle vice president Ken Glueck said.
TikTok -- which became a global phenomenon with its brand of short, addictive phone videos -- has come under fire in recent months as tensions escalate between China and the west.