Big Law

Walmart is Acquiring 7.5% Stake in TikTok

Walmart said Saturday (Sept. 19) it continues to work on the final agreements to purchase a 7.5% stake in video-sharing platform TikTok Global as well as enter into commercial agreements to provide Walmart e-commerce, fulfillment, payments and other omnichannel services to TikTok.

The news comes as President Donald Trump announced Saturday that ByteDance, TikTok’s Chinese parent company, has received tentative approval for an agreement with the U.S. government to resolve outstanding issues, which will now include Oracle and Walmart together investing to acquire 20% of the newly-formed TikTok Global business.

Read the source article at katv.com

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