"United States President Donald Trump has signed an executive order outlining ByteDance's divestment plan for the short-form video app TikTok. The plan shifts control of its US assets to a group of new investors, including Oracle. The order was signed on Thursday in the Oval Office and sets a period of 120 days for divestiture to take place. It is expected to satisfy a law that requires China-based ByteDance to sell its US assets in order to avoid a ban."
"While the president didn't share details of the deal other than to say the data of US users would be controlled by US investors he confirmed that Oracle is an investor and also mentioned media tycoon Rupert Murdoch and tech billionaire Michael Dell would be investors without sharing any information on their role or extent of involvement. Vance added that the deal was valued at about $14bn, the first time a value has been put to the deal."
President Donald Trump signed an executive order requiring China-based ByteDance to divest its US TikTok assets within 120 days. The plan assigns control of TikTok US to a new investor group including Oracle, MGX and Silver Lake, with the investors taking roughly half of TikTok US. The transaction was valued at about $14bn. Congress set a January deadline for the sale, and the administration postponed enforcement four times to avoid a ban. Officials emphasized that US investors will control American user data to address privacy and national-security concerns. Rupert Murdoch and Michael Dell were named as additional investors.
Read at www.aljazeera.com
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