As a part of the deal, TikTok is creating a new company called TikTok Global that will be responsible for providing all TikTok services to users in United States and most of the users in the rest of the world. TPG is a leading global alternative asset firm founded in 1992 with more than $83 billion of assets under management across a wide range of asset classes, including private equity, growth equity, real estate and public equity. Last Updated : Oct 05, 2020 09:57 AM IST | Source: Reliance Retail has so far raised Rs 32,197.5 crore from a clutch of global investors in exchange for a combined 7.28 percent stake. TikTok Global, which TheWrap reported last week would be looking to file an initial public offering sometime in 2021, would have five board seats, with Walmart CEO Doug McMillon serving as director. Our overriding goal however, is one of promoting impact and philanthropy. Oracle says ByteDance will have no ownership stake in the new TikTok Global, Some of the best Nintendo Switch games are discounted today, These discounts are live at Best Buy and Amazon, Amazon’s Prime Day kicks off on October 13th, Sign up for the TikTok ‘Disappointed’ With US Ban on New App Downloads, Pledges to Protect User Privacy and Safety. Oracle and Walmart, its partner in the deal, would get about 20% of TikTok Global in the deal… Global Regenerative Medicine Partnering Terms and Agreements 2014-2020: Company A-Z, Headline Value, Stage of Development, Deal component, Specific Therapy Target, Technology Type The news comes after TikTok announced a global licensing deal with independent digital music agency Merlin in January. Biden ‘blue wave’ would boost economy, says Goldman Sachs chief economist, Biden polling lead is stronger than Obama’s 2008 landslide, Sheryl Sandberg: Senior-level women are leaving the workforce. The proposed Oracle bid would lead to an American branch of the company dubbed TikTok Global. All investments entail risk and you should seek professional investment advice from a licensed financial advisor before making any investment. By offering institutional support and global resources, TPG enables these companies to reach their full potential and unlock greater possibilities. 172@29@17@143!~!172@29@0@53!~!|news|business|tpg-reliance-retail-deal-global-investment-company-to-inject-rs-1837-5-crore-for-0-41-of-ril-unit-5916491.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false. The statement differs significantly from earlier reports, which showed Oracle and Walmart taking only a 20 percent stake in the new venture and ByteDance maintaining control of the other 80 percent. Can You Still Use TikTok After the Trump Administration Bans App Downloads? We host private investor deal flow events for Angels, Family Offices, High Net Worths, Venture Capital, Private Equity and more. “And if they do, we just won’t make the deal.”, The president added: “It’s going to be controlled, totally controlled by Oracle, and I guess they’re going pubic and they’re buying out the rest of it — they’re buying out a lot, and if we find that they don’t have total control, then we’re not going to approve the deal.”. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. Eye On India: Economic Impact of Corporate Tax Cut, Eye On India: OECD Proposal on Digital Taxation. Bytedance would retain ownership and control of its code in its deal with Oracle; the software giant, along with controlling American user data, would be allowed to review the source code and updates to make sure there aren’t any leaks to Bytedance — and possibly to China’s communist government, which, by law, Bytedance would be compelled to share information with, upon request. 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