USA / ByteDance seeks $60 bn valuation for TikTok in US deal: Report

China's ByteDance is seeking a valuation of $60 billion for TikTok as Oracle and Walmart take stakes in TikTok's US business, Bloomberg reported. Oracle and Walmart can take up to 20% cumulative stake in TikTok's new US unit called TikTok Global. Both firms would pay a combined $12 billion for their stakes if they agree to a $60-billion asking price.

Reuters : Sep 20, 2020, 03:32 PM
New York: 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.