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TikTok signs Trump-backed deal to sell US entity to American investors

Digital media | The Guardian · Guardian staff and agencies · last updated

Deal with Oracle, Silver Lake and MGX, confirmed in internal memo, will allow app to continue operating in US

TikTok has signed a deal to sell its US business to three American investors – Oracle, Silver Lake and MGX – ensuring the popular social video platform can continue operating in the United States.

The deal is expected to close on 22 January, according to an internal memo seen by he Associated Press and Reuters. The TikTok chief executive officer, Shou Zi Chew, said in the memo that ByteDance and TikTok have signed binding agreements with the three investors.

 

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Related Knowledge Center: The TikTok ban

State of Play

The U.S. Congress passed and President Joe Biden signed into law a measure banning TikTok if it weren’t sold by its Chinese ownership. But now-President Donald Trump gave the service a reprieve, and a sale of its U.S. operations appears imminent.

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