What is the relationship between Oracle and TikTok?

HONG KONG (AP) — ByteDance, the Chinese company that owns the popular video-sharing app TikTok, has chosen Oracle over Microsoft as a new American technology partner to help keep the app operating in the U.S. TikTok confirmed the decision Monday, echoing earlier statements from Oracle and the U.S. treasury secretary.

Who bought TikTok 2021?

ByteDance
ByteDance still owns TikTok, which added 7 million new US users in the first four months of this year. Trump is gone, and the threat from the US government has receded—but the Chinese government now looms over the popular app.

Does Walmart own TikTok?

As part of the Oracle deal, Walmart was expected to take a 7.5\% stake in the U.S. operations of TikTok and its CEO, Doug McMillon, would get a seat on the board of the newly created company. And it’s become a sales tool that more U.S. brands want to master, too.

Has anyone bought TikTok?

TikTok has been bought by software giant Oracle after the U.S. government forced the parent of the popular meme-making, video-sharing app to sell it to a U.S.-based firm or else have it banned. Founded by Chinese internet entrepreneur Zhang Yiming, TikTok is owned by ByteDance, a Beijing-based tech giant.

Is Oracle still buying TikTok?

TikTok ultimately struck a partnership deal with Oracle and Walmart that would include the U.S. businesses buying a stake in the app and providing secure technology. Under the terms of the deal, ByteDance would still own 80\% of the business, a person familiar with the matter told CNBC last year.

Is Oracle taking over TikTok?

Share All sharing options for: The TikTok-Oracle deal is on life support under Biden. Nearly five months after it was announced, a proposed hosting deal between Oracle and TikTok is on permanent hold, according to a report by The Wall Street Journal.

Is ByteDance owned by the Chinese government?

The investment was made when the ByteDance subsidiary raised its registered capital to 200 million yuan from 10 million yuan, according to data from Tianyancha, a corporate information platform. The state-owned fund also took a seat on the unit’s board.

Does Oracle own TikTok 2021?

The TikTok-Oracle deal would have given Oracle’s 2.5 percent stake and Walmart’s 7.5 percent in the resulting entity, TikTok Global.