It appears the TikTok saga is over.
President Trump “supports a deal in principle” allowing TikTok to stay in the US.
Bytedance will still be the majority shareholder of TikTok but Oracle and Walmart can purchase up to a 20% stake in the company.
Vanessa Pappas, Interim Head of TikTok shared this on Saturday:
We are committed to protecting our users globally and providing the highest levels of security. Both Oracle and Walmart will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company. We will also maintain and expand the US as TikTok Global’s headquarters while bringing 25,000 jobs across the country.
TikTok has won the hearts of hundreds of millions of people around the world, including 100 million Americans, because it’s a home for entertainment, connection, and expression.
Here’s TikTok’s press release.