The new U.S. company that TikTok’s owner Bytedance Ltd. plans to form with Oracle Corp. intends to hold an initial public offering in about a year, according to people familiar with the matter.The new company, which would be called TikTok Global, according to Treasury Secretary Steven Mnuchin, will be the result of a transaction forced by President Donald Trump last month due to national security concerns about TikTok’s Chinese ownership. At least three shareholders in TikTok’s Chinese parent company -- General Atlantic, Sequoia Capital and Coatue Management -- would take stakes in the new business, Bloomberg has reported. Terms of the proposed deal would give Oracle full access to TikTok’s source code and updates to make sure there are no back doors used by the company’s Chinese parent to access data on the video-sharing app’s 100 million American users.Bloomberg News reported earlier that the Treasury Department, Bytedance and Oracle agreed to terms for the deal late Wednesday.Mnuchin sent Bytedance a revised terms sheet late Wednesday and the company and Oracle accepted it. People familiar with the matter described the government’s changes as addressing national security concerns about the transaction and asked not to be identified because of the sensitivity of the matter. White House Chief of Staff Mark Meadows said early Thursday that he’s concerned that Oracle’s bid for TikTok may be a “repackaging” that won’t meet the president’s goals. source