ByteDance asks for $60 billion as TikTok valuation in US deal: Report
By MYBRANDBOOK
A newspaper reported that ByteDance seeks a valuation of $60 billion for TikTok as Oracle Corp. and Walmart Inc. take stakes in the short-video app's business to address US security concerns, citing an unnamed person familiar to this matter.
Oracle will take a 12.5 percent stake in TikTok Global and store all its US user data in its cloud to comply with US national security requirements. On the other hand, retail giant Walmart said it would take a 7.5 percent stake. The two companies would pay a combined $12 billion for their stakes if they agree to a $60 billion asking price, as reported.
The final valuation had not been set as the companies worked out the equity structure and measures for data security, as per the report.
The US President Donald Trump said that he supported a deal in principle that would allow TikTok to continue to operate in the United States, even as it appeared to conflict with his earlier executive order for China’s ByteDance to divest the video app.
ByteDance was racing to avoid a crackdown on TikTok after the US Commerce Department said that it would block new downloads and updates to the app from Sunday.
US officials had expressed concern that the personal data of as many as 100 million Americans that use the app were being passed on to China’s Communist Party government.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
HP INDIA SALES PVT. LTD.
CENTRE FOR DEVELOPMENT OF TELEMATICS (C-DOT)
QUICK HEAL TECHNOLOGIES PVT. LTD.
FRESHWORKS TECHNOLOGIES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
ICONS OF INDIA : SUNIL VACHANI
Sunil Vachani is the Chairman of Dixon Technologies (India) Ltd. Under...
Icons Of India : Deepak Sharma
Deepak Sharma spearheads Schneider Electric India. He brings with him ...
PARTNER SPEAKERS
PSU
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
CSC - Common Service Centres
CSC initiative in India is a strategic cornerstone of the Digital Indi...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
