Walmart has agreed to back an education fund as part of a deal between the retailer and Oracle to partner with, according to a source familiar with the matter.
The financial contribution will come from the new company, which is to be called TikTok Global, that emerges from the unusual transaction. The arrangement will allow the app to continue operating in the U.S. after the Trump administration threatened to ban it over national security concerns. Yet to be decided is how large of a contribution Walmart and Oracle would sign off on to the fund and how it would be used.
Walmart and Oracle are looking to take a stake of up to 20% of TikTok Global. TikTok’s current owner, Beijing-based ByteDance, and possibly its investors, would get 80% of the newly formed U.S.-based entity that will be the new official owner of the popular