Oracle and Walmart will acquire a 20% stake in TikTok’s global business as part of a pre-IPO financing round, ByteDance announced on Saturday. Oracle will acquire 12.5% of the short video app, whereas Walmart will pick up a 7.5% stake. As a part of the deal, TikTok will create a new company called TikTok Global which will provide TikTok services to users in the US and “most of the users in the rest of the world”, Oracle and Walmart said in a joint statement. The new entity will be an "independent” American company, headquartered in the US, and will have four Americans in a five member board of directors; Walmart CEO Doug McMillon will be on the board of TikTok Global. TikTok Global will have an IPO in less than 12 months and be listed on a US stock exchange.…
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