TikTok signs deal to sell US unit to American investor-led venture
Summary
TikTok's parent company ByteDance has signed agreements to sell over 80% of its US assets to American investors including Oracle, Silver Lake, and MGX to avoid a US government ban.
Key Points
- ByteDance, TikTok's Chinese owner, signed binding agreements to sell over 80% of TikTok's US assets to American and global investors.
- The deal involves Oracle, Silver Lake, and MGX to form a new US joint venture named TikTok USDS Joint Venture LLC.
- This move aims to prevent a US government ban following attempts beginning in 2020 to restrict TikTok in the US.
- More than 170 million Americans will continue to use TikTok as part of this agreement.
