$60b Sought For TikTok's US Deal

As Oracle Corp and Walmart take stakes in the short-video app's company to resolve US security concerns, China's ByteDance Ltd seeks a $60 billion valuation for TikTok, Reuters reported on Sunday citing a global media report.

Oracle will take a 12.5% stake in TikTok Global and store all of its U.S. consumer data in its cloud to satisfy U.S. national security requirements, the firms said on Saturday. Retail giant Walmart said a 7.5 percent stake would be needed, reports Reuters.

The two companies will pay a combined $12 billion for their stakes if they consent to a challenging price of $60 billion

ByteDance, TikTok, Oracle and Walmart did not respond to requests for comment on the report immediately.

According to the global media report, the final valuation was not set as the companies sorted out the equity structure and data protection steps.

US President Donald Trump said on Saturday that he favored an agreement in principle that would allow TikTok to continue to operate in the United States, even though it seemed to be in conflict with his previous executive order for ByteDance to redirect the video app from China.

ByteDance raced to prevent a crackdown on TikTok after the U.S. Department of Commerce announced on Friday that it would block new installs and improvements to the app from Sunday.

U.S. officials were worried that the personal data of as many as 100 million Americans using the app had been passed on to the Chinese Communist Party government.