"TikToksigned a deal on Thursday that sees 80% of its US assets sold to a group of three investors, Oracle, Silver Lake and MGX. The deal ensures the social media platform can continue operating in the United States. The sale means TikTok will avoid a US government ban and remain available to more than 170 million people who use it in the United States, the company's CEO Shou Zi Chew told employees."
"The joint venture will be 50% held by a consortium of new investors, including Oracle, Silver Lake and Abu Dhabi-based MGX with 15% each; 30.1% held by affiliates of existing investors of ByteDance; and 19.9% will be retained by ByteDance, the memo said, adding that it will have a new, seven-member majority-American board of directors and will "protect Americans' data and US national security.""
TikTok sold 80% of its US assets to a group of investors including Oracle, Silver Lake and Abu Dhabi-based MGX to enable continued operation in the United States. The deal creates TikTok USDS Joint Venture LLC with 50% held by the new-investor consortium, 30.1% held by affiliates of existing ByteDance investors, and 19.9% retained by ByteDance. The joint venture will install a seven-member majority-American board and include measures to protect Americans' data and US national security. The agreement is set to close on January 22 and keeps the app available to over 170 million US users while ending long-running divestiture efforts.
Read at www.dw.com
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