TikTok agrees to deal to cede control of US business to American investor group
TikTok has reached a deal to cede a substantial portion of its U.S. operation to a group of American investors, thus ending a years-long tussle in which the federal government has sought to force the platform to do just that. The new partnership is described as a “new TikTok U.S. joint venture” in an internal memo from ByteDance CEO Shou Chew, which was viewed by TechCrunch. That arrangement will see major American investors take over significant control of the U.S.-based business. The newly formed investor group includes cloud giant Oracle, the tech-focused private equity firm Silverlake, and MGX, an Abu Dhabi-based investment firm focused on AI. Together, those companies will own 45% of the U.S. operation, while ByteDance retains a nearly 20% share, the memo states. The…
