Sept 20 (Reuters) – China’s ByteDance Ltd is seeking a valuation of $60 billion for TikTok as Oracle Corp and Walmart Inc take stakes in the short-video app’s business to address U.S. security concerns, Bloomberg News reported on Sunday, citing an unnamed person familiar with the matter.
Oracle will take a 12.5% stake in TikTok Global and store all its U.S. user data on its cloud to comply with U.S. national security requirements, the companies said earlier. Retail giant Walmart said it would take a 7.5% stake in TikTok Global.
The two companies would pay a combined $12 billion for their stakes if they agree to a $60 billion asking price, Bloomberg reported. https://bloom.bg/33H3rT6
(Reporting by Rama Venkat in Bengaluru; Editing by William Mallard)