Wednesday, September 23rd 2020, 1:53 pm
By: CBS News
Walmart has agreed to back an education fund proposed by President Donald Trump as part of a deal between the retailer and Oracle to partner with Chinese-owned video-sharing app TikTok, according to a source familiar with the matter.
The financial contribution will come from the new company that emerges from the unusual transaction, called TikTok Global. The arrangement will allow the app to continue operating in the U.S. after the Trump administration threatened to ban it over national security concerns. Yet to be decided is how much money Walmart and Oracle would contribute to the fund and how it would be used.
Walmart and Oracle are looking to take a stake of up to 20% of TikTok Global. TikTok’s current owner, Beijing-based ByteDance, and possibly its investors, would get 80% of the newly formed U.S.-based entity that will be the new