TikTok owner seeking US$60bil valuation in US transaction

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.

HONG KONG: China’s ByteDance Ltd is seeking a valuation of US$60bil for TikTok as Oracle Corp and Walmart Inc 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.