REDWOOD SHORES, Calif. and BENTONVILLE, Ark., Sept. 20, 2020 /PRNewswire/
-- The President has announced that ByteDance has
received tentative approval for an agreement with the U.S.
Government to resolve the 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 United States
and most of the users in the rest of the world. Today, the
administration has conditionally approved a landmark deal where
Oracle becomes TikTok's secure cloud provider.
TikTok Global will be majority owned by American investors,
including Oracle and Walmart. TikTok Global will be an
independent American company, headquartered in the U.S., with four
Americans out of the five member Board of Directors.
All the TikTok technology will be in possession of TikTok
Global, and comply with U.S. laws and privacy regulations. Data
privacy for 100 million American TikTok users will be quickly
established by moving all American data to Oracle's Generation 2
Cloud data centers, the most secure cloud data centers in the
world.
Based on decades of experience securing the world's most
sensitive data, Oracle's Generation 2 Cloud fully isolates running
applications and responds to security threats
autonomously. This unique technology eliminates the risk
of foreign governments spying on American users or trying to
influence them with disinformation.
In addition to its equity position, Walmart will bring its
omni-channel retail capabilities including its Walmart.com
assortment, eCommerce marketplace, fulfillment, payment and
measurement-as-a-service advertising service.
TikTok Global will create more than 25,000 new jobs in the
Unites States and TikTok Global will pay more than 5 billion in new
tax dollars to the U.S. Treasury.
TikTok Global, together with Oracle, SIG, General Atlantic,
Sequoia, Walmart and Coatue will create an educational initiative
to develop and deliver an AI-driven online video curriculum to
teach children from inner cities to the suburbs, a variety of
courses from basic reading and math to science, history and
computer engineering.
TikTok Global will have an Initial Public Offering (IPO) in less
than 12 months and be listed on a U.S. Exchange. After the IPO,
U.S. ownership of TikTok Global will increase and continue to grow
over time.
With this agreement, TikTok Global will able to continue to
provide a hundred million Americans with access to the social
network they love, and spark much needed competition in the market
for social networks.
About Oracle
The Oracle Cloud offers a complete suite of integrated applications
for Sales, Service, Marketing, Human Resources, Finance, Supply
Chain and Manufacturing, plus Highly Automated and Secure
Generation 2 Infrastructure featuring the Oracle Autonomous
Database. For more information about Oracle (NYSE: ORCL), please
visit us at www.oracle.com.
About Walmart
Walmart Inc. (NYSE: WMT) helps people
around the world save money and live better - anytime and anywhere
- in retail stores, online, and through their mobile devices. Each
week, over 265 million customers and members visit approximately
11,500 stores under 56 banners in 27 countries and eCommerce
websites. With fiscal year 2020 revenue of $524 billion, Walmart employs over 2.2 million
associates worldwide. Walmart continues to be a leader in
sustainability, corporate philanthropy and employment opportunity.
Additional information about Walmart can be found by visiting
corporate.walmart.com, on Facebook at facebook.com/walmart and on
Twitter at twitter.com/walmart.
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