(Reuters) - China's ByteDance Ltd is seeking a valuation of $60 billion for TikTok as Oracle Corp <ORCL.N> and Walmart Inc <WMT.N> take stakes in the short-video app's business to address U.S. security concerns, Bloomberg News reported on Sunday, citing an unnamed person familiar with the matter.
Oracle will take a 12.5% stake in TikTok Global and store all its U.S. user data in its cloud to comply with U.S. national security requirements, the companies said on Saturday. Retail giant Walmart said it would take a 7.5% stake.
The two companies would pay a combined $12 billion for their stakes if they agree to a $60 billion asking price, Bloomberg reported. https://bloom.bg/33H3rT6
ByteDance, TikTok, Oracle and Walmart did not immediately respond to requests for comment on the report.
The final valuation had not ...
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