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Oracle to Take 12.5% Stake in TikTok Global, Walmart Eligible to Get 7.5%

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variety.com

Todd Spangler NY Digital EditorOracle said it will take a 12.5% stake in the new TikTok Global, a U.S.-based entity formed from the Trump administration’s demand that the popular video app’s Chinese parent company, ByteDance, divest its U.S.

operations to American owners.Oracle confirmed its plans to take the ownership stake in TikTok shortly after President Trump said Saturday that he approved the deal “in concept.” As a part of the agreement, TikTok will run its app business on the Oracle Cloud, according to Oracle CEO Safra Catz.TikTok said in a statement Saturday that it also is working with Walmart on a “commercial partnership.” Oracle and Walmart will be take up to a 20% combined stake in a pre-IPO financing round for TikTok Global.

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