TikTok’s Chinese owner ByteDance has signed binding deals with US and global investors to sell most of its US business, TikTok’s boss told employees on Thursday.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and Emirati investment firm MGX, according to a memo sent by CEO Shou Zi Chew.
The deal, set to close on January 22, would end years of efforts by Washington to force ByteDance to sell its US operations on national security grounds.
The deal is in line with one revealed in September, when US President Donald Trump delayed implementation of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will allow “more than 170 million Americans to continue discovering a world of infinite possibilities as part of a vital global community.”
The White House referred the BBC to TikTok when contacted for comment.
