Summary
TikTok has plans to sell its U.S. business to a group of American investors, including Oracle, Silver Lake, and MGX. This move will create a new U.S.-based joint venture for TikTok, which might help the app avoid a potential ban in the United States due to regulatory issues. Users are not expected to experience immediate changes in their use of the app.
Key Facts
- TikTok will sell its U.S. business to Oracle, Silver Lake, and MGX.
- The agreement sets the deal to close on January 22.
- Oracle, Silver Lake, and MGX will own 15% each of the new joint venture.
- ByteDance, TikTok's parent company, will keep a 19.9% share.
- Affiliates of existing ByteDance investors will hold about 30.1%.
- TikTok will continue to operate normally for U.S. users for now.
- The new ownership aims to reduce regulatory pressures on TikTok in the U.S.
- Longer-term changes, like data handling adjustments, may happen gradually.
