TikTok & Oracle Collaborating For Containing US Security
China ByteDance Ltd has a net worth of $60 billion for TikTok. This was found in an attempt to restore the US user data in its cloud to fulfill US national security requirements.
A 12.5 % stake will be taken by Oracle. Walmart is also participating in the verification game taking the 7.5% stake.
The two companies are going to pay a combined amount of $12 billion for their stakes.
However, these three companies ByteDance, Oracle, and Walmart did not give an immediate response.
The final valuation has not been sorted out which has set to fulfill the measures for the data security.
US President, Donald Trump has announced that he is approving the deal since it will allow the TikTok to continue to operate.