ByteDance is after a $60 billion valuation for its short-form clip app TikTok as it closes in on a deal with Oracle and Walmart.

As reported by Reuters, software giant Oracle is set to take a 12.5 per cent stake in the Chinese app, while retail behemoth Walmart hopes to secure a 7.5 per cent equity. Combined, the American firms will pay $12 billion, should they agree to the valuation ByteDance has placed on TikTok.

Last week, US president Donald Trump claimed he would offer his support to a deal that would allow TikTok to continue its operations within the US, seemingly contradicting his previous vendetta as he asked the Chinese firm to divest its operations.

Finally over?

If Oracle and Walmart agree to the valuation, and all three companies come to an equity agreement, it will bring to an end the feud between Trump and TikTok.

The US president has been actively trying to remove the Chinese app from the country since July, back when TikTok was investigated for a potential breach of privacy for children. However, the political figure did agree to a possible deal between ByteDance and an American firm.

However, he also signed an executive order to effectively ban the video-based app, although ByteDance made it clear that should an agreement not be reached it would fight Trump and his order in court.