The TikTok US sale is finally happening
TikTok has finalized the deal to sell its US business, according to reports from Axios, The Hollywood Reporter, and CNBC. They report that a memo from TikTok CEO Shou Zi Chew to employees on Thursday said the deal will close on January 22nd, with Oracle, Silver Lake, and Abu Dhabi’s MGX owning 45 percent of the company, while its China-based parent company ByteDance will hold 20 percent.
The remainder of the company will be held by “affiliates of existing ByteDance investors,” Axios reports. TikTok briefly went dark in the US in January as the divest-or-ban law came into effect. Throughout the year, President Donald Trump granted TikTok a s …
Related Knowledge Center: The TikTok ban
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.