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Yahoo BusinessSep 19, 2020
Oracle Plans 12.5% Stake in TikTok Global; Forms Partnership
(Bloomberg) -- Oracle Corp. said it plans take a 12.5% stake in TikTok Global and become the cloud computing provider to the newly formed company, culminating weeks of negotiations over a popular video-sharing app that became the focus of U.S.-China tension.Oracle and Walmart Inc. together could end up with as much as 20% of the entity, to be called TikTok Global, purchased in a round of financing that would precede an initial public offering, TikTok said. Sequoia Capital and General Altantic, current investors in TikTok parent ByteDance Ltd., could also pursue stakes in that fundraising round, a person with knowledge of the matter said.TikTok's decision to pick Oracle was influenced by another company, Zoom Video Communications Inc., which recently moved some of its videoconferencing capacity to Oracle's cloud business, Redwood City, California-based Oracle said Saturday in a statement.ByteDance searched for investors in TikTok's U.S. operations after Trump proclaimed that TikTok was a threat to U.S. national security, and ordered the app be sold to an American business or shut down by Sept. 20. The president said earlier Saturday that he gave his "blessing" to the "concept" of the deal, even though ByteDance will retain such a large stake."TikTok picked Oracle's new Generation 2 Cloud infrastructure because it's much faster, more reliable, and more secure than the first generation technology currently offered by all the other major cloud providers," Executive Chairman Larry Ellison said in a statement.(Adds de

Yahoo BusinessSep 19, 2020
Trump Blesses Oracle's TikTok Deal, Sets Up App Store Ban Delay
(Bloomberg) -- Donald Trump gave his blessing to Oracle Corp.'s bid for the American operations of TikTok, putting the popular video-sharing app on course to escape a U.S. ban imposed as part of his pressure campaign against China."I approved the deal in concept," Trump told reporters Saturday as he left the White House for a campaign rally in Fayetteville, North Carolina. "If they get it done, that's great. If they don't, that's OK too."The new company, which will be called TikTok Global, has agreed to donate $5 billion to an education fund, which Trump said would satisfy his demand that the government receive a payment from the deal. "They're going to be setting up a very large fund," he said. "That's their contribution that I've been asking for."Oracle plans to take a 12.5% stake in the new TikTok Global, while Walmart Inc. said it has tentatively agreed to buy 7.5% of the entity. Walmart's Chief Executive Officer Doug McMillon will serve on TikTok Global's board of directors, the retailer said in a statement.The deal was forced by a pair of bans Trump issued in August over concerns that TikTok's Chinese owner ByteDance Ltd. posed a national security risk, thrusting the video-sharing app into the center of the president's confrontation with Beijing.Shortly after Trump signaled his approval, the Commerce Department on Saturday delayed by a week a ban that would have forced Apple Inc. and Alphabet Inc.'s Google to pull the TikTok video app from their U.S. app stores on Sunday.Trump is ramping up pre
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