Bytedance wants $60bn valuation for TikTok
Oracle and Walmart have taken stakes in the business to address US security concerns
20 September 2020 - 18:20
New York — China’s Bytedance is seeking a valuation of $60bn for TikTok as Oracle and Walmart take stakes in the short-video app’s business to address US security concerns, according to a person familiar with the matter.
Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global under an agreement that won the approval of President Donald Trump, the person said, asking not to be named discussing private negotiations. The two companies would pay a combined $12bn for their stakes if they agree to that asking price...
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