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