TikTok and Oracle Corporation did/do business

Details
Investment TikTok
Investor / cloud services Oracle Corporation
Start Date 2020-09-00
Goods 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. CHINA-US-POLITICS-ECONOMY-TIKTOK-ORACLE Oracle and Walmart have agreed to acquire a 20% stake in TikTok Global. AFP VIA GETTY IMAGES KEY FACTS 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.