TikTok to launch pre-IPO to become 80% owned by Bytedance: Statement

TikTok Global is planning to launch a pre-IPO in which Bytedance will retain an 80 percent stake in the company, Bytedance said in a statement on Monday.

"The board of directors of TikTok Global will include the founder of Bytedance, current Bytedance directors as well as the CEO of Walmart," the statement noted.

(CGTN)