Oracle, Walmart fill in details of investment in TikTok Global
- Oracle (NYSE:ORCL) and Walmart (NYSE:WMT) issued a joint statement
confirming earlier reporting about their proposed deal with ByteDance (
BDNCE) over TikTok's U.S. business.
- Earlier, President Trump said he approved the deal "in concept," and
Oracle and Walmart say Trump's announced that ByteDance got approval to
resolve outstanding issues in the deal.
- That now includes Oracle and Walmart together investing to acquire 20%
of the newly formed TikTok Global business, designed to provide all
TikTok
services to users in the United States, and to most of the users in the
rest of the world.
- A separate Walmart statement noted it's tentatively agreed to acquire
7.5% of TikTok Global (along with commercial agreements to provide
ecommerce, fulfillment, payments and other omnichannel services to the
company) - suggesting Oracle's in for 12.5%. Oracle will also be TikTok's
secure cloud provider.
- TikTok global will be "majority owned by American investors" including
Oracle and Walmart, the companies say. The five-member board of directors
will feature four Americans.
- "All the TikTok technology will be in possession of TikTok Global, and
comply with U.S. laws and privacy regulations. Data privacy for 100M
American TikTok users will be quickly established by moving all American
data to Oracle's Generation 2 Cloud data centers, the most secure cloud
data centers in the world," the companies say.
- And TikTok Global will create more than 25,000 new jobs in the U.S.
and pay more than $5B in new tax dollars to the Treasury.
- It also plans to build an initiative to develop and deliver an
AI-driven online video curriculum for children, and set an initial
public offering to be listed on a U.S. exchange within 12 months.
|Today, 1:13 AM
- Oracle (NYSE:ORCL) and Walmart (NYSE:WMT) issued a joint statement
confirming earlier reporting about their proposed deal with ByteDance (
BDNCE) over TikTok's U.S. business.
- Earlier, President Trump said he approved the deal "in concept," and
Oracle and Walmart say Trump's announced that ByteDance got approval to
resolve outstanding issues in the deal.
- That now includes Oracle and Walmart together investing to acquire 20%
of the newly formed TikTok Global business, designed to provide all
TikTok
services to users in the United States, and to most of the users in the
rest of the world.
- A separate Walmart statement noted it's tentatively agreed to acquire
7.5% of TikTok Global (along with commercial agreements to provide
ecommerce, fulfillment, payments and other omnichannel services to the
company) - suggesting Oracle's in for 12.5%. Oracle will also be TikTok's
secure cloud provider.
- TikTok global will be "majority owned by American investors" including
Oracle and Walmart, the companies say. The five-member board of directors
will feature four Americans.
- "All the TikTok technology will be in possession of TikTok Global, and
comply with U.S. laws and privacy regulations. Data privacy for 100M
American TikTok users will be quickly established by moving all American
data to Oracle's Generation 2 Cloud data centers, the most secure cloud
data centers in the world," the companies say.
- And TikTok Global will create more than 25,000 new jobs in the U.S.
and pay more than $5B in new tax dollars to the Treasury.
- It also plans to build an initiative to develop and deliver an
AI-driven online video curriculum for children, and set an initial
public offering to be listed on a U.S. exchange within 12 months.
|Today, 1:13 AM
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