TikTok's Chinese owner ByteDance has signed binding agreements with US and global investors to sell the majority of its business in America, TikTok's boss told employees on Thursday. Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake, and the Emirati investment firm MGX, according to a memo sent by chief executive Shou Zi Chew. The deal, which is set to close on 22 January 2025, would end years of efforts by Washington to force ByteDance to sell its US operations over national security concerns. The deal is in line with one unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
Major Shake-Up: TikTok's Parent Company to Sell US Business
Major Shake-Up: TikTok's Parent Company to Sell US Business
In a significant move, TikTok's parent company, ByteDance, has agreed to sell most of its US business to a consortium of investors, including Oracle.
ByteDance, the Chinese owner of TikTok, has finalized a deal to sell the majority stake of its US operations to a group consisting of Oracle, Silver Lake, and the Emirati firm MGX. This agreement marks the culmination of years of negotiations surrounding national security concerns, with the sale slated to conclude on January 22, 2025.
