Walmart has reportedly joined Oracle's bid to do a deal with TikTok, but the proposal to allow Chinese parent ByteDance to retain a majority stake in the popular video-sharing app faces stiff hurdles for approval. Walmart on Sunday issued a statement, saying: 'Walmart continues to have an interest in a TikTok investment and continues discussions with ByteDance leadership and other interested parties. We know that any approved deal must satisfy all regulatory and national security concerns.' Former national security officials and regulatory lawyers say that ByteDance faces an uphill struggle to convince the White House to allow it to keep majority ownership of TikTok. Further complicating matters, ByteDance said on Thursday that China will need to approve its proposed deal with Oracle for TikTok.

Source: Daily Mail September 17, 2020 15:07 UTC