TikTok has found a new home in enterprise software giant Oracle, which along with Walmart, will acquire a 20 percent stake in the newly-created TikTok Global. Oracle and Walmart have the rights to buy 12.5 percent and 7.5 percent, respectively under an agreement that has won the “blessings” of US President Donald Trump.
“The outpouring of support for TikTok has been nothing short of humbling. We are here for you, and we are here for the long run. We’re thrilled to share that we are working with a US tech partner to ensure that TikTok can provide a home to each and every one of you. We are incredibly inspired, grateful, and proud of our community, and our teams are committed to keep the app running.”
Oracle CEO Safra Catz said in a statement, “We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world. This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok community to benefit all stakeholders.”
Walmart, on the other hand, has entered into a commercial agreement with TikTok Global to provide its “ecommerce, fulfilment, payments, and other omnichannel services” to the company, it announced in a statement.