RELATED: Here’s what a deal between TikTok and Oracle means“We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the U.S.
Administration and settle questions around TikTok’s future in the U.S.,” TikTok said in a statement.AdvertisementTikTok said both Oracle and Walmart will take part in a financing round where they can take up to a 20% cumulative stake in the company.
The deal will make Oracle responsible for hosting all TikTok's U.S. user data and securing computer systems to ensure U.S. national security requirements are satisfied.
TikTok said it's also working with Walmart on a “commercial partnership” but gave no other details.Representatives from Oracle and Walmart could not be.