BENTONVILLE, Ark. — Walmart said Saturday (Sept. 19) it continues to work on the final agreements to purchase a 7.5% stake in video-sharing platform TikTok Global as well as enter into commercial agreements to provide Walmart e-commerce, fulfillment, payments and other omnichannel services to TikTok.
The news comes as President Donald Trump announced Saturday that ByteDance, TikTok’s Chinese parent company, has received tentative approval for an agreement with the U.S. government to resolve outstanding issues, which will now include Oracle and Walmart together investing to acquire 20% of the newly-formed TikTok Global business.
As a part of the deal, TikTok is creating a new company called TikTok Global that will be responsible for providing all TikTok services to users in the United States and most of the users in the rest of the world. The Trump administration conditionally approved the landmark deal where Oracle will become TikTok’s secure cloud provider.
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