TikTok deal: ByteDance sells majority stake in US operation to non-Chinese investors to avoid ban
TikTok strikes deal to avoid US ban
- TikTok's parent company, Bytedance, has reportedly finalized a deal to divest a majority stake in its U.S. operations to non-Chinese investors.
- This agreement allows the popular social media app to continue operating in the United States, averting a potential ban.
- Tech giant Oracle, Emirati investment firm MGX, and U.S. investment firm Silver Lake are reported to be the primary new owners of TikTok's U.S. operations.
- The deal has received approval from both U.S. and Chinese officials, a White House official told NBC News.
- U.S. user data will be in Oracle’s secure U.S. cloud environment, TikTok wrote on its website.