Oracle will take a 12.5% stake in TikTok and Walmart is eligible for up to a 7.5% stake
Oracle said that all TikTok technology will be in possession of TikTok Global, which will “comply with U.S. laws and privacy regulations.” The Trump administration had claimed national security concerns — citing the hypothetical scenario of Chinese government authorities gaining access to data on TikTok’s U.S. users — were the impetus for the president’s order mandating ByteDance give up control of TikTok.
TikTok said it will “maintain and expand” its U.S. headquarters, with plans to “bring 25,000 jobs across the country.” According to TikTok, it currently employs about 1,500 U.S. workers. Trump had told reporters earlier Saturday thatThe TikTok-Oracle-Walmart deal still needs approval by the Chinese government. ByteDance will continue to maintain control over the artificial-intelligence algorithms that power the TikTok app’s video recommendations.
According to Oracle, TikTok decision to partner with the business software and cloud provider “was heavily influenced by Zoom’s recent success in moving a large portion of its video conferencing capacity to the Oracle Public Cloud.”
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