ByteDance is not ruling out possibility of getting more investors: Report

ByteDance is not ruling out the possibility to get more investors even as Oracle and Walmart have reached an agreement in principle, as no deal has been signed on TikTok’s pre-IPO, the company told Global times.

As President Donald Trump has approved of the deal between TikTok and US companies, TikTok has started planning a pre-IPO with Oracle and Walmart expected to invest about $12.5 billion. The investment would see Oracle and Walmart holding about 12.5 per cent and 7.5 per cent of shares of the company respectively.

Also Read: TikTok, Oracle deal has Donald Trump's 'blessing'

The agreement aims to strengthen TikTok’s position in the American market after President Trump threatened to ban the popular video app unless American companies could buy its US operations.

The US Department of Commerce, in its latest announcement, delayed its app ban for Play Store for seven days, giving the Chinese company time to solidify their deals.