Oracle and Walmart To Acquire Stakes In The US Operations Of TikTok
A Tiktok deal has been reached. Looks like the video-sharing app will live to see another day.
On Saturday, US President Donald Trump said that he had approved Oracle’s bid for TikTok, less than a day before the ban was set to go into effect (September 2oth).
“I have given the deal my blessing, if they get it done that’s great, if they don’t that’s okay too. I approved the deal in concept.”
Oracle will take a 12.5% stake in a new company, TikTok Global, while Walmart will have a 7.5% stake. “It’ll be totally controlled by Oracle and Walmart. All of the control is Walmart and Oracle, two great American companies,” Trump said. “The security will be 100 per cent.”
Oracle and Walmart have since confirmed the deal in separate statements. TikTok also put out an official statement.
(Image Creds: TikTok Comms on Twitter)