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, would end years of efforts by Washington to force ByteDance to sell its US operations over national security concerns. The deal is 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.
TikTok's Owner Agrees to Sell US Operations Amid National Security Concerns
TikTok's Owner Agrees to Sell US Operations Amid National Security Concerns
ByteDance, the parent company of TikTok, has signed agreements with US and global investors to sell majority ownership of its American operations, amidst ongoing national security scrutiny from Washington.
In a significant move, TikTok's Chinese parent company ByteDance has finalized binding agreements with a group of investors, including Oracle and Silver Lake, to sell the majority stake in its US business. This decision aims to address national security concerns raised by the US government. The deal is expected to conclude on January 22, aligning with previous efforts by US authorities to compel ByteDance to divest its US operations.
