ByteDance deal moves TikTok closer to avoiding US ban
TikTok’s parent company, ByteDance, has signed binding agreements with US and international investors to restructure the app’s operations in the United States, a move aimed at preventing a nationwide ban. In a memo to staff, TikTok chief executive Shou Zi Chew said the deal would establish a new joint venture to run the platform’s US business. The agreement is expected to close on 22 January and would resolve long-standing concerns in Washington over national security and data protection. Under the arrangement, a consortium of investors including Oracle, Silver Lake and Abu Dhabi-based investment firm MGX will collectively own 50% of the new entity. ByteDance will retain a minority stake of 19.9%, while affiliates of existing ByteDance investors will hold the remaining shares. The structure closely follows a framework announced in September, when US President Donald Trump delayed enforcement of a […]
