"President Trump on Friday announced that the TikTok deal, which would potentially see the video platform controlled by a consortium of U.S. investors, had been approved by President Xi of China. TikTok owner ByteDance also issued a public statement saying the company would work to ensure that TikTok "remains available to American users through TikTok U.S." No further details about the deal were offered at the time."
"This week, Trump hinted on his social media platform Truth Social that a deal had been reached and the buyer would be announced soon. A report from The Wall Street Journal confirmed that investors, including Oracle, Silver Lake, and Andreessen Horowitz, would hold an 80% in the U.S. TikTok entity, with the Chinese shareholders owning the rest. The new company's board would also be largely from the U.S., with one board member appointed by the U.S. government itself."
President Trump announced that China approved a deal to place TikTok's U.S. operations under a consortium of U.S. investors. ByteDance issued a statement committing to keep TikTok available to American users through TikTok U.S. No detailed terms were released at the announcement. The U.S. had previously moved to ban TikTok over national security concerns, but enforcement was delayed amid public backlash. Reports indicate investors including Oracle, Silver Lake, and Andreessen Horowitz would hold 80% of the U.S. entity, with Chinese shareholders retaining the remainder and a largely U.S. board structure planned.
Read at TechCrunch
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