China’s ByteDance seeks $60 billion TikTok valuation

NEW YORK: China’s ByteDance Ltd is seeking 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, Bloomberg News reported on Sunday, citing an unnamed person familiar with the matter. Oracle will take a 12.5 per cent stake in TikTok Global and store all its US user data on its cloud to comply with US national security requirements, the companies said earlier. Retail giant Walmart said it would take a 7.5 per cent stake in TikTok Global. The two companies would pay a combined $12 billion for their stakes if they agree to a $60 billion asking price, Bloomberg reported. —Reuters