Software giant Oracle wants in on the TikTok action and has reportedly launched a bid for the video sharing platform's US business, according to a report from The Wrap.
The bid allegedly totals $20 billion, comprised of $10 billion in cash and $10 billion in Oracle stock. Parent company ByteDance would also receive half of TikTok’s annual profit as part of the deal.
However, Oracle is hardly the only US company eyeing up the Chinese social media giant.
American retail giant Walmart has also stepped up, in partnership with Microsoft, with the intention of transforming TikTok US into an e-commerce platform.
"[TikTok’s integration of e-commerce and advertising] is a clear benefit to creators and users in those markets,” reads Walmart statement.
“We believe a potential relationship with TikTok US in partnership with Microsoft could add this key functionality and provide Walmart with an important way for us to reach and serve omnichannel customers as well as grow our third-party marketplace and advertising businesses."
“We are confident that a Walmart and Microsoft partnership would meet both the expectations of US TikTok users while satisfying the concerns of US government regulators.”
However, the Walmart spokesperson did not reveal the size of the joint bid, nor any details surrounding how the two companies would split the payment or ownership.
To date, TikTok has been downloaded 194 million times in the States, earning ByteDance circa $111 million in revenue. The platform is said to have more than 50 million monthly active users in the country.