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tiktok has signed an agreement to sell its US business to three US investors – OracleSilver Lake and MGX – ensuring that the popular social video platform can continue to operate in the United States.
The deal is expected to close on Jan. 22, according to an internal memo seen by The Associated Press. CEO Shaw Zi Chew said in the memo that ByteDance and TikTok have signed binding agreements with the three investors.
50% of the new TikTok US joint venture will be held by a consortium of new investors, including Oracle, Silver Lake and MGX each with 15%. According to the memorandum, the other 30.1% will be held by affiliates of existing ByteDance investors and 19.9% will remain with ByteDance.