US business software company, Oracle becomes TikTok’s secure cloud provider and will be a minority investor with a 12.5 percent stake. Shortly after Trump’s comments, Oracle announced it was chosen as TikTok’s secure cloud provider and will become a minority investor with a 12.5 percent stake. TikTok confirmed Oracle’s role and said it was working with Walmart on a commercial partnership. TikTok’s Chinese parent company ByteDance will own the remaining 80 percent of TikTok, according to a person familiar with the matter. TikTok said it will maintain and expand its headquarters in the U.S., while bringing 25,000 jobs across the country.

Source: The Standard September 20, 2020 04:18 UTC