TikTok may sell off some of its U.S. business to Oracle and Walmart.
The move comes after the Biden administration demanded TikTok's Chinese owner, ByteDance, divest from the platform, the New York Post reports.
The Biden administration told ByteDance that TikTok might be banned in the U.S. if it does not sell its stake in the video platform.
- Federal authorities are growing increasingly concerned about potential links between ByteDance and the Chinese government.
- During the Trump administration, ByteDance received regulatory approval to launch a new business called TikTok Global that would have been partially owned by Walmart and Oracle.
- The deal would have seen Walmart provide e-commerce services, including fulfillment, payments, and measurement-as-a-service advertising, to TikTok Global.
- ByteDance lost interest in the arrangement when Biden became the new U.S. president.
- ByteDance is now reconsidering the option to launch a business with Walmart and Oracle amid heightened tension between Washington and Beijing.
