ByteDance seeks valuation of $60 bn for TikTok

Bytedance is seeking a valuation of $60 bn for TikTok after the US president Donal Trump “approved the deal in the concept.”  Oracle will buy a 12.5% stake in the new company — TikTok Global, while Walmart has agreed to buy 7.5%. Walmart’s CEO Doug McMillon, along with three other American’s, will be among the five directors on TikTok Global’s board. Oracle and Walmart would pay a combined $12 bn for stakes if they agree to the asking price.

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