TikTok Sold to US, Global Investors in Historic Deal
TikTok's US operations have been sold to a mix of American and global companies, along with new investors, none linked to ByteDance. The deal, approved by both US and Chinese authorities, aims to save the popular app from a US ban and address security concerns.
The agreement sees major US companies like Oracle and Silver Lake taking majority ownership, with Chinese investors retaining around 20%. Key terms include user data storage in the US on Oracle's cloud, and oversight by the Committee on Foreign Investment in the United States (CFIUS). President Trump confirmed the sale's compliance with US law, extending the enforcement deadline by 120 days.
Prominent US investors in the deal include Oracle's Larry Ellison, Silver Lake's Egon Durban, and tech billionaires like Michael Dell. The Chinese embassy welcomed the negotiations, with China provisionally approving the sale provided it adheres to Chinese laws.
With the sale complete, TikTok's future in the US is secured. The app will continue to operate with its 'Chinese features', while US user data is hosted securely by Oracle. Both US and Chinese authorities have approved the deal, addressing security concerns and preserving the app's unique characteristics.
Read also:
- Vantor & Lanteris Fuel US Intelligence with Innovative Tech
- Germany Eyes Ohio's Natural Gas Over Russia's, US Energy Policy Shifts
- "In a daring decision, Battlefield 6 forgoes ray tracing - understanding the advantages this choice brings"
- Dubai's WETEX 2023: Global Showcase for Clean Energy & Sustainability
