"TikTok has finalized a deal with new US owners including Oracle, MGX, and Silver Lake."
"However, these investors will not have significant control over key business areas, according to an internal memo."
"What Happened: TikTok has reached an agreement with Oracle, Abu Dhabi investment firm MGX, and private-equity firm Silver Lake for a joint-venture agreement."
TikTok finalized a deal that brings new U.S. investors including Oracle, Abu Dhabi investment firm MGX, and private-equity firm Silver Lake into a joint-venture arrangement. The agreement names those firms as partners while preserving limits on their authority. An internal memo states the investors will not have significant control over key business areas. The joint-venture structure formalizes financial participation and partnership roles without transferring major operational decision-making power. The memorandum delineates retained responsibilities and clarifies the scope of investor influence over strategic and technical functions within TikTok.
Read at Yahoo Finance
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