"Last week, Treasury Secretary Scott Bessent announced that the "framework" for a TikTok deal had been reached, and President Donald Trump extended the deadline for a deal to be completed to December 16. It was the fourth extension issued since Congress passed a law last year requiring TikTok's parent company, Beijing-based ByteDance, to sell the popular app or face a ban in the U.S."
"The Wall Street Journal is reporting that Oracle and the private-equity firm Silver Lake would lead a group of U.S. backers in owning about 80% of the company. (Oracle and Silverlake's shares would be about 50% and previous investors would hold about 30%.) ByteDance's stake would be just below 20%. Trump told Fox News this past weekend that other investors "involved" in the deal "probably" included Michael Dell and Lachlan and Rupert Murdoch."
Deadlines have been extended repeatedly for nearly a year to prevent a TikTok ban, and a sale to new U.S. owners is now imminent with an announcement possibly as soon as this week. Treasury Secretary Scott Bessent announced a framework for a deal, and President Donald Trump extended the completion deadline to December 16, the fourth such extension since Congress required ByteDance to sell or face a U.S. ban. Trump described productive talks with China's Xi Jinping and progress on deal approval. Oracle and Silver Lake would lead U.S. backers owning about 80%, with ByteDance retaining just under 20%. Michael Dell and Lachlan and Rupert Murdoch are named among other potential investors, and multiple notable bidders submitted offers.
Read at Entrepreneur
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