ByteDance Values TikTok Global Worth $60B For US Deal

ByteDance-Values-TikTok-Global-Worth-$60B-For-US-Deal

ByteDance values its short video app’s global operations for $60 billion as the US firm’s Walmart and Oracle buy stakes in China developed TikTok after the American president Donald Trump cites security concerns over the use of the app.

Under a new agreement, approved by the Trump, the Chinese firm has created a new TikTok global where the US companies, Walmart and Oracle, have bought 7.5% and 12.5% stakes, and require to pay a sum of $12 billion if the deal goes in this direction.

The company decided to sell significant stakes to the US firm’s after the US president threatened to ban the app for data & information security, thus, rejecting the Microsoft’s offer to sell the short video app entirely. The ByteDance will have a majority in the company after the Oracle deal.
However, the valuation is not set official and is believed to be around $60 billion. For reference, Snap incorporation, the US social media app, is valued at $35 billion, and Tiktok can have anything between $20 and $50 billion valuation.

Oracle and Walmart would have full access to TikTok’s source code, making sure there’s no data breach working against the 100 million American app users.

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