Oracle, Walmart rescue TikTok in US with Trump’s ‘blessing’

In a surprise move, Oracle and Walmart have come together to save TikTok from the ban, forming a new company called TikTok Global which will be headquartered in the US. President Donald Trump said he has given the deal his blessing.

Trump on Saturday announced that China-based ByteDance which is the parent company of TikTok has received tentative approval for an agreement with the US government to resolve the outstanding issues, which will now include Oracle and Walmart together investing to acquire 20 per cent of the newly-formed TikTok Global business. Oracle announced it was chosen as TikTok’s secure cloud provider and will become a minority investor with a 12.5 per cent stake.

Walmart said it has tentatively agreed to a purchase 7.5 per cent stake in TikTok and its CEO Doug McMillon would serve as one of the five board members of the newly-created company.