Oracle will host TikTok's user data and review code for security if the new deal is approved both by Trump and the Chinese government.
TikTok's Chinese parent company, ByteDance, will continue to be a majority shareholder in the short-form video app under a proposed deal with Oracle being reviewed by the Trump administration this week, according to CNN business.
If both Trump and the Chinese government approve this new deal, Bytedance would still be the majority owner of this popular short-video App. And TikTok would become a global company with headquarters in the United States. At the same time, Oracle will host TikTok's user data and review TikTok's security code. As for Walmart, it may still have a role to play in the deal as a possible minority investor and e-commerce partner.
According to Bloomberg, at least three shareholders in TikTok's Chinese parent company -- General Atlantic, Sequoia Capital and Coatue Management -- would take stakes in the new business.
Also, according to people who familiar with the matter, TikTok would go public on an American stock market in about a year if the deal went through.