Reportedly, ByteDance has received tentative approval for an agreement with the U.S. Government to clear its outstanding issues and allowing Oracle and Walmart together to invest and acquire 20% of the newly formed TikTok Global business, providing services to users in the United States and most of the users globally.
TikTok Global will reportedly be an independent American company that will be headquartered in the U.S and will be majorly owned by American investors, Oracle, and Walmart with four Americans out of the five-member as its Board of Directors. TikTok technology will comply with U.S. laws and privacy regulations. Data for all 100 million American TikTok users will be moved to Oracle’s Generation 2 Cloud data centers, which fully isolates running applications and responds to security threats autonomously. TikTok Global is expected to create more than 25,000 new jobs in the United States and will pay more than 5 billion in new tax dollars to the U.S. Treasury. It is expected to have an Initial Public Offering in less than 12 months and will be listed on a U.S. Exchange.
In addition, Walmart will tie its omnichannel retail capabilities like Walmart.com assortment, payment and measurement-as-a-service advertising service, eCommerce marketplace, and fulfillment to the agreement.
Walmart Stores, Inc. (WMT) is a worldwide retailer that operates in various formats. The three segments of the company include Walmart U.S., Walmart International, and Sam’s Club. The company is comprised of discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, cash and carry stores, home improvement stores, specialty electronics stores, apparel stores, drug stores, convenience stores, and membership-only warehouse clubs; and retail Websites. To learn more about Walmart (WMT) and to continue to track its progress please visit the Vista Partners Walmart Coverage Page.
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