||Updated Sep 20, 2020, 12:53am EDT
TOPLINE Oracle and Walmart have agreed to acquire a 20% stake in TikTok’s global business as part of a pre-IPO financing round, the ByteDance owned video-sharing platform announced in a press release on Saturday, moments after President Donald Trump told the press that he had given his “blessing” to the deal.
Oracle and Walmart have agreed to acquire a 20% stake in TikTok Global. AFP VIA GETTY IMAGES
Oracle will acquire 12.5% of the video sharing platform, while Walmart will have a 7.5% stake.
As part of the deal, Oracle will serve as TikTok’s “secure cloud technology provider” and Walmart will be a commercial partner by entering “into commercial agreements to provide our e-commerce, fulfillment, payments and other omnichannel services to TikTok Global,” Walmart said in a statement.