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Oracle And Walmart Will Buy The US Segment Of TikTok For $12 Billion

Oracle And Walmart Will Buy The US Segment Of TikTok For $12 Billion

US companies Oracle and Walmart may pay the Chinese company ByteDance a total of $12 billion for the purchase of a segment of its TikTok app, Bloomberg reported.

It is reported that the cost of the TikTok segment will cost the specified amount if American companies agree to the price requested by ByteDance.

According to the Agency, ByteDance is seeking to estimate the value of its app at $60 billion, while following the agreement approved by US President Donald Trump, Oracle and Walmart can acquire 12.5% and 7.5% of TikTok shares.

Earlier, US President Donald Trump approved the purchase of the TikTok app by Oracle Corporation. He added that the US retailer Walmart will be able to participate in the deal. The US Department of Commerce has postponed the planned ban on downloading the TikTok app for a week, until the end of September 27. TikTok confirmed a future collaboration with Oracle and Walmart.

The US administration accuses TikTok of allowing the app to transmit American data to Chinese authorities. Its owner, ByteDance, denies this. Meanwhile, Trump in August signed Executive orders "on combating the TikTok threat" and "on combating the WeChat threat," in which he gave about a month to stop any transactions with ByteDance in the US jurisdiction.

TikTok is an application for creating and viewing short videos, owned by the Chinese company ByteDance. Released in 2018, it has become a leader in the short video app segment in China and is gaining popularity around the world.

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