Oracle (ORCL) and Walmart have issued a joint statement confirming their plans to snap up a minority stake in TikTok’s U.S. business. Oracle will acquire a 12.5% stake in TikTok Global, while Walmart will take a 7.5% interest.
The move came after President Donald Trump approved the deal “in concept” on Saturday. The President has also announced that TikTok’s Chinese parent ByteDance “has received tentative approval for an agreement with the U.S. Government to resolve the outstanding issues.”
To facilitate the deal, TikTok is creating a new company called TikTok Global, as the Trump administration was concerned about TikTok’s Chinese ownership and therefore demanded that TikTok’s Chinese parent, ByteDance, divests its U.S. operations to America.
TikTok Global will be an independent American company and will be majority owned by American investors. The new company also has plans to bring 25,000 jobs across the country. (See ORCL