Oracle and Walmart to acquire a 20% stake in TikTok Global.

Oracle, a software services provider and Walmart, a retailing services provider to acquire a 20% stake in newly formed TikTok Global, a social media platform, from ByteDance, a technology company. Oracle gets 12.5%, Walmart gets 7.5% and ByteDance gets the remaining 80%. Financial terms were not disclosed. TikTok Global, together with Oracle, SIG, General Atlantic, Sequoia, Walmart and Coatue will create an educational initiative to develop and deliver an AI-driven online video curriculum to teach children from inner cities to the suburbs, a variety of courses from basic reading and math to science, history and computer engineering. "We are pleased that the proposal by TikTok, Oracle and Walmart will resolve the security concerns of the US administration and settle questions around TikTok’s future in the US," TikTok. On August 6, 2020, White House released an executive order addressing the data threat posed by TikTok. On September 24, 2020, ByteDance applied for a tech export licence in China as it races to seal a deal, it hopes will end US government plans to ban its TikTok video-streaming app on security grounds. On November 13, 2020, ByteDance gets 15 days extension on divesture of TikTok. On November 26, 2020, ByteDance received an additional one-week extension from the November 27 deadline. On December 5, 2020, the Trump administration said that they won’t extend deadline for ByteDance.