Yahoo yahoo.com 20 Sep, 2020 00:15 am

Oracle to Take 12.5% Stake in TikTok Global, Walmart Eligible to Get 7.5%

Oracle to Take 12.5% Stake in TikTok Global, Walmart Eligible to Get 7.5%
Oracle said it will take a 12.5% stake in the new TikTok Global, a U.S.-based entity formed from the Trump administration's demand that the popular video app's Chinese parent company, ByteDance, divest its U.S. operations to American owners. Oracle confirmed its plans to take the ownership stake

TikTok said in a statement Saturday that it also is working with on a “commercial partnership.If Walmart were to integrate e-commerce and advertising into TikTok, that would “provide Walmart with an important way for us to reach and serve omnichannel customers as well as grow our third-party marketplace and advertising businesses,” Walmart said in statement last month.We are 100% confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world,” Catz said in a statement.Separately, TikTok evidently is still subject to the Trump administration’s order banning American businesses from working with TikTok as of Sunday at midnight — meaning app stores like the Apple App Store and Google Play will be prohibited from providing downloads of the TikTok app in the U.

ByteDance will continue to maintain control over the AI algorithms that power the TikTok app’s video recommendations.-based entity formed from the Trump administration’s demand that the popular video app’s Chinese parent company, ByteDance, divest its U.

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