TikTok-Oracle Deal: Here's Everything You Need To Know
ABP News Bureau | 24 Sep 2020 12:07 PM (IST)
US firms Oracle and Walmart will save TikTok from the ban, forming a new company called TikTok Global which will be headquartered in the US. Oracle announced it was chosen as TikTok's secure cloud provider and will become a minority investor with a 12.5 per cent stake.
Walmart said it has tentatively agreed to a purchase 7.5 per cent stake in TikTok and its CEO Doug McMillon would serve as one of the five board members of the newly-created company. The parent company ByteDance will own the remaining 80 per cent of TikTok.
Walmart said it has tentatively agreed to a purchase 7.5 per cent stake in TikTok and its CEO Doug McMillon would serve as one of the five board members of the newly-created company. The parent company ByteDance will own the remaining 80 per cent of TikTok.