Trump reportedly approves TikTok sale to Oracle, Walmart
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President Trump has signed off on a deal that will put TikTok’s U.S. operations under control of Oracle, Walmart, and other U.S. investors, apparently in exchange for a $5 billion fund that Oracle and Walmart would set up to fund the education of young Americans.
The Wall Street Journal reported that both Walmart and Oracle would share approximately a 20 percent stake in the new company, which would be headquartered in the United States. In total, U.S. investors would own 53 percent, Chinese investors would own a 36 percent stake, with European investors taking up about 11 percent, the paper said.