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. After the IPO, American ownership of TikTok Global will "increase and continue to grow over time", Oracle and Walmart said. While the deal has only received “tentative approval” from US President Donald Trump, he has given his “blessing” to the deal and had “approved the deal in concept.” Oracle and Walmart said that TikTok Global will be majority owned by American investors. Around 40% of ByteDance is reportedly already owned by US-based investment companies, and it appears that is how the deal is being pegged to be “majority owned” by American investors. The US’ Commerce Department had said on Friday that WeChat and TikTok downloads in the US will be…
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