NewzVille International
TikTok’s Chinese owner ByteDance has signed binding agreements with three major investors to sell just over 80 percent of the company’s U.S. assets to American and global investors, a move aimed at avoiding a potential U.S. government ban.
TikTok’s CEO informed employees on Thursday that both the social media company and its parent ByteDance had agreed to the creation of a new entity, with Oracle, Silver Lake and Abu Dhabi-based M.G.X. joining as major investors.
The deal marks a significant step toward resolving years of uncertainty surrounding TikTok’s future in the United States, dating back to August 2020 when then President Donald Trump first attempted to ban the app.
TikTok is currently used regularly by more than 170 million Americans.
Scheduled to close on January 22, the agreement would bring an end to prolonged efforts to compel ByteDance to divest its U.S. business over national security concerns.
