7 KILLED, HUNDREDS INJURED AS STRONG QUAKE HITS SULAWESI, INDONESIA
VATICAN: POPE FRANCIS, FORMER POPE BENEDICT BOTH GET COVID-19 VACCINE
AUSTRALIA REBUKES GOOGLE FOR BLOCKING LOCAL CONTENT
JAPAN TO BAN ENTRY OF FOREIGN ATHLETES TO TRAIN AHEAD OF SUMMER OLYMPICS
BIDEN INAUGURATION WILL FEATURE DIVERSE PERFORMANCES INCLUDING LADY GAGA, JENNIFER LOPEZ
COURT ORDERS ARREST OF COPS ACCUSED OF KILLING ARMY MEN IN JOLO
THE PANDEMIC SLAMS PHL VEHICLE SALES IN 2020
CHESS PLAYER WESLEY SO BAGS P11.8M, JOINS WORLD’S TOP ESPORT EARNERS
ZSA ZSA PADILLA FINALLY VISITS THE GRAVE OF ‘COMEDY KING’ DOLPHY AGAIN
DUTERTE: PRESIDENCY JOB NOT FOR A WOMEN

CHINA’S BYTEDANCE SEEKS US$60b TIKTOK VALUATION IN US DEAL

7 months ago | World Science & Technology News | 0 comments

By Xai Reyes

Bloomberg News reported that China’s ByteDance is seeking a valuation of US$60 billion for TikTok as Oracle and Walmart take stakes in the short-video app’s business to address US security concerns.

Oracle will take a 12.5 per cent stake in TikTok Global and store all its US user data in its cloud to comply with US national security requirements, the companies said on Saturday.

Retail giant Walmart said it would take a 7.5 per cent stake.

The two companies would pay a combined US$12 billion for their stakes if they agree to a US$60 billion asking price.

US President Donald Trump on Saturday said that he supported a deal in principle which would allow TikTok to continue to operate in the United States, even as it appeared to conflict with his earlier executive order for China’s ByteDance to divest the video app.

ByteDance was racing to avoid a crackdown on TikTok after the US Commerce Department said on Friday that it would block new downloads and updates to the app from Sunday.

0 Comments

Submit a Comment

Your email address will not be published.

Social Media