"A plan has been presented to me to undergo a qualified divestiture of TikTok's United States operations, as outlined in a framework agreement. Under this Framework Agreement, TikTok's United States application will be operated by a newly established joint venture based in the United States. It will be majority-owned and controlled by United States persons and will no longer be controlled by any foreign adversary, since ByteDance Ltd. and its affiliates will own less than 20 percent of the entity, with the remainder being held by certain investors."
"To permit the contemplated divestiture to be completed, the Attorney General shall not take any action on behalf of the United States to enforce the Act for 120 days from the date of this order. During this period, the Department of Justice shall take no action to enforce the Act ."
A qualified divestiture plan would transfer TikTok's United States operations to a newly established, U.S.-based joint venture. The joint venture would be majority-owned and controlled by United States persons, eliminating control by any foreign adversary because ByteDance Ltd. and its affiliates would own less than 20 percent of the new entity. The remainder of ownership would be held by specified investors. To allow the divestiture process to proceed, the Attorney General and the Department of Justice will refrain from any enforcement action under the Act for 120 days from the date of the order.
Read at Social Media Today
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