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TikTok owner ByteDance seeks $60 bn valuation in Oracle, Walmart deal

Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global under an agreement that won the approval of President Donald Trump

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ByteDance was pressured into a deal for TikTok when Trump threatened to ban the app in the U.S. over national security concerns.

Zheping Huang | Bloomberg

3 min read Last Updated : Sep 20 2020 | 2:08 PM IST

China’s ByteDance Ltd. is seeking a valuation of $60 billion for TikTok as Oracle Corp. and Walmart Inc. take stakes in the short-video app’s business to address U.S. security concerns, according to a person familiar with the matter.

Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global under an agreement that won the approval of President Donald Trump, the person said, asking not to be named discussing private negotiations. The two companies would pay a combined $12 billion for their stakes if they agree to that asking price.

The final valuation price

Topics : TikTok ByteDance Oracle Walmart United States Donald Trump China

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