TikTok has finalized the sale of its US business, according to reports from Axios, The Hollywood Reporter, and CNBC. CEO Shou Zi Chew’s memo to employees states the deal will be completed by January 22nd, with Oracle, Silver Lake, and Abu Dhabi’s MGX collectively owning 45% of the company. ByteDance, TikTok’s Chinese parent company, will retain a 20% stake.
The remaining shares will be held by ByteDance investors’ affiliates. The sale follows a period of uncertainty as the divestment law loomed, prompting a temporary US blackout in January. President Trump’s extensions for a US deal culminated in an agreement framework with China in September, leading to the recent expiration of the final extension on December 16th.
Chew’s message emphasized the importance of user experience and global growth. Reports suggest the US-based TikTok will adopt an algorithm rooted in ByteDance’s, retrained on American user data and overseen by Oracle. TikTok is yet to comment on these developments.
Source: The Verge
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