Sunday, 20 Sep 2020 06:44 PM MYT
NEW YORK, Sept 20 — China’s ByteDance Ltd is seeking a valuation of US$60 billion for TikTok as Oracle Corp and Walmart Inc take stakes in the short-video app’s business to address US security concerns, Bloomberg News reported today, citing an unnamed person familiar with the matter. The two companies would pay a combined US$12 billion for their stakes if they agree to a US$60 billion asking price,ByteDance, TikTok, Oracle and Walmart did not immediately respond to requests for comment on the report.
US President Donald Trump on Saturday said that he supported a deal in principle would allow TikTok to continue to operate in the United States, even as it appeared to conflict with his earlier executive order for China’s ByteDance to divest the video app.