"United States President Donald Trump is expected to sign an executive order this week approving a deal to divest TikTok's US operations from its China-based parent company, ByteDance, in compliance with a 2024 law. The White House announced the agreement on Monday. A senior official said the US believes China has approved the deal and no further talks with Beijing are planned although additional paperwork is still required from both sides."
"While the full list of investors is not yet finalised, according to the White House, US citizens would hold six of the seven seats on the board overseeing the popular short-form video app's US operations. ByteDance would retain less than 20 percent ownership while TikTok in the US would be controlled by a mix of existing US and global firms along with new investors unaffiliated with ByteDance. Among those already named are the venture capital firm Silver Lake, Oracle and Andreessen Horowitz."
President Donald Trump is expected to sign an executive order approving a deal to divest TikTok's US operations from ByteDance under a 2024 law. The White House said the agreement is announced and a senior official said the US believes China has approved the deal, though additional paperwork remains. Enforcement of a congressional deadline requiring ByteDance to sell US assets has been postponed several times and delayed until mid-December. The deal is valued in the many billions of dollars, faces regulatory and potential antitrust scrutiny, and envisions US citizens holding six of seven board seats while ByteDance keeps under 20 percent ownership.
Read at www.aljazeera.com
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