"Nearly 50 percent of assets will be split between three companies. Oracle, Silver Lake and MGX will each control around 15 percent of the newly-formed entity. It's worth noting that MGX isn't an American company at all, but rather Abu Dhabi's state-owned investment firm. The rest will remain in the hands of affiliates of TikTok's parent company, ByteDance. That company will also take a direct ownership stake of around 20 percent. US platform operations will be managed by a seven-member board of directors. The majority of this board will be Americans."
"US data will be stored under a system operated by Oracle. That company is run by Larry Ellison, a long-time ally of President Trump who once brainstormed ideas on how to overturn the 2020 presidential election. Oracle has been trying to get its mitts on TikTok since at least 2020. As for Silver Lake, it has deep ties to Trump allies like Michael Dell and his son-in-law Jared Kushner."
TikTok's U.S. business will be spun off with nearly half of assets split among Oracle, Silver Lake, and MGX, each holding about 15 percent. The remainder stays with affiliates of ByteDance, which will hold roughly a 20 percent direct stake. U.S. platform operations will be run by a seven-member board with an American majority. U.S. user data will be stored in a system operated by Oracle. Oracle and Silver Lake have long-standing ties to prominent Trump allies. The transaction is expected to close on January 22 after more than a year of executive actions delaying a required sale to avoid a ban.
Read at www.engadget.com
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