TikTok has signed the deal to spin off its US entity with American investor group
CNN
TikTok has signed the deal backed by President Donald Trump to spin off its US assets to create a new entity with a group of mostly American investors, CEO Shou Chew told employees in a memo Thursday.
TikTok has signed the deal backed by President Donald Trump to spin off its US assets to create a new entity with a group of mostly American investors, CEO Shou Chew told employees in a memo Thursday. Although the transaction is not yet complete, the move brings TikTok one step closer to securing its long-term future in the United States. It comes after a law passed last year required that the US version of the app be spun off from its parent company, ByteDance, or be banned in the United States. Trump repeatedly delayed enforcement of the law as he pursued a deal to transfer control of the popular app to American ownership. “We have signed agreements with investors regarding a new TikTok U.S. joint venture, enabling over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community,” Chew said in his memo, which was obtained by CNN. A person familiar with the company confirmed the memo’s accuracy. Axios first reported the agreement. TikTok declined to comment on the memo. Under the agreement, the US TikTok app will be controlled by a new joint venture, 50% of which will be owned by a consortium of investors comprised of tech company Oracle, private equity firm Silver Lake and Emirati-backed investment firm MGX. Just over 30% of the joint venture will be held by “affiliates of certain existing investors in ByteDance” and 19.9% will be retained by ByteDance, according to Chew’s memo.
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