Summary
TikTok has made a deal to sell its U.S. business to a group of investors, allowing it to continue operating in the United States. The agreement involves companies Oracle, Silver Lake, and MGX, and is expected to be finalized by January 22.
Key Facts
- TikTok has agreed to sell its U.S. operations to keep the app running in the United States.
- Oracle, Silver Lake, and MGX are the firms involved in this new joint venture.
- These companies will own almost half of the new U.S. entity.
- ByteDance, TikTok's Chinese parent company, will keep 20% ownership.
- The remaining 30% will be held by existing ByteDance investors.
- The deal is expected to be completed by January 22.
- This agreement was communicated to TikTok employees by CEO Shou Chew.
- The decision helps ensure TikTok's growth and presence in the U.S. market.
