"Zoom in: The agreement is set to close on January 22, per an internal memo sent by CEO Shou Chew. Oracle, Silver Lake and Abu Dhabi-based MGX will collectively own 45% of the U.S. entity. Nearly one-third of the company will be held by affiliates of existing ByteDance investors, and nearly 20% will be retained by ByteDance."
"Catch up quick: The White House and the Chinese government hammered out a deal in principle in September to sell TikTok's U.S. operations to a joint venture controlled by a U.S. investor group led by Andreessen Horowitz, Silver Lake, and Oracle."
"Flashback: Trump first issued an executive order demanding that ByteDance sell its U.S. operations in 2020. Congress passed a law in 2024 to force a ban of the app unless it sold. The Supreme Court in January upheld that law. Trump repeatedly postponed its enforcement through a series of executive orders while his Administration tried to negotiate a sale."
The agreement to transfer TikTok's U.S. operations is scheduled to close on January 22, per a memo by CEO Shou Chew. Oracle, Silver Lake and Abu Dhabi-based MGX will own 45% of the U.S. entity. Affiliates of existing ByteDance investors will hold nearly one-third and ByteDance will retain about 20%. The White House and China reached a deal in September to sell U.S. operations to a joint venture led by Andreessen Horowitz, Silver Lake and Oracle. Trump issued an executive order in 2020 demanding a sale. Congress passed a 2024 law forcing a ban unless sold, and the Supreme Court upheld it in January.
Read at Axios
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