TikTok signed an agreement to sell its entity in the United States to a joint venture controlled by American investors, according to an internal memo seen by «Axios».
The deal concludes a years-long file aimed at forcing the Chinese parent company (ByteDance) to sell «TikTok» operations in the United States, citing national security concerns.
The deal is set to be finalized on January 22, according to the internal memo sent by TikTok CEO Shou Zi Chew, with Oracle, Silver Lake, and the MGX investment fund together owning about 45% of the American entity, while one-third of the company will be held by affiliates of existing investors in «ByteDance», while «ByteDance» will retain approximately 20% of the ownership.
