The agreement, which has been approved by Donald Trump, sees Silicon Valley giant Oracle become the data partner for the video-sharing platform while Walmart becomes a commercial partner, creating a new US company called TikTok Global.
The company added that the board of directors of TikTok Global includes ByteDance founder Zhang Yiming, along with its current directors and the CEO of Walmart. Bloomberg News reported that Bytedance was seeking a valuation of $60 billion for TikTok, citing a person familiar with the matter. Trump has claimed TikTok is collecting user data for Beijing, without providing evidence, and in early August gave ByteDance until September 20 to hand over TikTok’s US operations to an American company.
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