Oracle and Walmart Confront Obstacles to Unite with TikTok

September 26, 2020  |   Filed under: Industry News      From :

(Source:stocknews)

Oracle and Walmart confront obstacles to unite with TikTok to create a new company, TikTok Global, and put control in U.S. hands to satisfy Trump administration security concerns.

However, legal and regulatory hurdles remain for the prospective strategic investors to clear before such a deal gains regulatory approval. China-based ByteDance, the owner of TikTok, applied for a technology export license in China this week to gain approval to finalize a pact with Oracle Corp. (ORCL – Get Rating) and Walmart Inc. (WMT – Get Rating), while TikTok gained a hearing on Sunday, Sept. 27, at 9:30 a.m. before Judge Carl J. Nichols, of the U.S. District Court for the District of Columbia.