Trump administration set to receive $10 billion fee for brokering TikTok deal: Report
The Hindu
U.S. President Donald Trump’s administration is set to receive a roughly $10 billion fee from investors in the recently completed deal to take control of TikTok’s U.S. business, the Wall Street Journal reported
U.S. President Donald Trump’s administration is set to receive a roughly $10 billion fee from investors in the recently completed deal to take control of TikTok’s U.S. business, the Wall Street Journal reported on Friday, citing people familiar with the matter.
TikTok’s Chinese owner, ByteDance, in January finalised a deal to establish a majority American-owned joint venture that will secure U.S. data, to avoid a U.S. ban on the short video app used by over 200 million Americans.
TikTok USDS Joint Venture LLC will secure U.S. user data, apps and algorithms through data privacy and cybersecurity measures. It disclosed few details about the divestiture.
U.S. Vice President JD Vance had in September said that the new U.S. company will be valued at around $14 billion.
The payment is part of the agreement through which investors friendly with the administration gained control of TikTok’s U.S. operations from ByteDance, WSJ said. It is on top of the investments already made to establish a new entity to operate the app in the U.S.
Investors Oracle, Silver Lake, Abu Dhabi’s MGX and other backers paid about $2.5 billion to the U.S. Treasury Department when the deal closed and are to make a number of subsequent payments until the total reaches $10 billion, per the Journal.
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