China’s ByteDance says TikTok will be its subsidiary under deal with Donald Trump

China’s ByteDance said on Monday that TikTok’s global business will become its subsidiary, even as Oracle Corp and Walmart Inc said over the weekend that they and US investors would own the majority of the video app following a deal with US President Donald Trump’s administration.

Trump signed an executive order on Aug. 14 giving ByteDance 90 days to sell TikTok, amid concerns that the personal data of as many as 100 million Americans that use the app could be passed on to China’s Communist Party government. On Saturday, he said he supported a deal in principle that would allow TikTok to continue to operate in the United States.