On Saturday, Walmart announced a tentative agreement to acquire a 7.5% stake in TikTok – the social media network the retailer had formerly issued a joint bid with Microsoft for. That bid failed, but now Walmart is making an investment in the company, along with Oracle, which could possibly take a 12.5% stake. President Trump approved the deal over the weekend, and the Department of Commerce pushed back the date of the threatened ban on downloads of the app in the U.S. to September 27. But there are already rumors that the president could withdraw his approval.
“TikTok has delighted hundreds of millions of users and creators around the world, and we are looking forward to creating an even more exciting experience for that community,” the retailer said.