"TikTok's U.S. operations would be controlled by an investor consortium including Oracle, Silver Lake and Andreessen Horowitz, under a framework the U.S. and China are finalizing, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. A new company will be created to operate TikTok, with U.S. investors holding a roughly 80% stake and Chinese shareholders owning the rest, the report said."
"The company would also have an American-dominated board, with one member designated by the U.S. government. Current users of the app will be asked to shift to a new app, which TikTok has built and is testing, the Post reported. Reuters had reported in July that TikTok was preparing to launch a standalone app for U.S. users, which was expected to operate on a separate algorithm and data system from its global app."
A new company will operate TikTok with U.S. investors holding roughly an 80% stake and Chinese shareholders holding the remainder. The board will be American-dominated with one member designated by the U.S. government. Current U.S. users will be asked to move to a separate U.S. app built and tested by TikTok, expected to run on a separate algorithm and data system. Oracle will handle user data at facilities in Texas. The U.S. delayed enforcement of a 2024 divestiture law until December 16 and announced an agreement with China to keep TikTok operating in the United States.
Read at Fast Company
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