Trump, for his part, said the deal means Walmart and Oracle are purchasing TikTok outright — in line with his original demand that a U.S. company buy TikTok to satisfy concerns that U.S. user data could be shared with the Chinese government.
“They are going to buy it. They’re going to have total control over it. They’re going to own the controlling interest,” he told reporters. “And if we find that they don’t have total control, then we’re not going to approve the deal.”
But Oracle and Walmart are not buying TikTok and they will not own a controlling interest, according to the deal as negotiated. The companies said over the weekend that they will become minority investors in TikTok Global, owning a combined 20 percent of the new entity. Oracle will own 12.5 percent to Walmart’s 7.5 percent.
Trump also told reporters that ByteDance would have no role in