"The tentative arrangement, between TikTok parent company ByteDance, Chinese officials, the United States government, and its handpicked institutional investors, had been teased as far back as September, but it wasn't until last month that the China-based ByteDance reportedly signed off on the arrangement, with a closing deadline of Jan. 22. On Thursday, Semafor reported (and Politico later confirmed) that the timeline was met, with the deal "set to close this week.""
"Per a December memo from TikTok CEO Shou Zi Chew, the corporate agreements signed last month will establish TikTok USDS Joint Venture LLC, a venture based in the U.S. and majority-owned by a consortium that includes the United Arab Emirates' A.I. investment fund, as well as various American investors, among them software giant Oracle. ByteDance, however, remains a minority owner and the single largest individual shareholder-despite the United States' yearslong push to cut it off from any control of an Americanized TikTok."
A tentative agreement among ByteDance, Chinese officials, the U.S. government, and selected institutional investors would create TikTok USDS Joint Venture LLC operating in the United States. The joint venture would be majority-owned by a consortium that includes the United Arab Emirates' A.I. investment fund and American investors such as Oracle, while ByteDance would remain a minority owner and the largest individual shareholder. Reports say the deal met a Jan. 22 closing deadline, though no parties have publicly confirmed the transaction. The platform's future remains uncertain and could become more right-leaning, more hostile, and less secure.
Read at Slate Magazine
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