TikTok has signed binding agreements with investors including Oracle, Silver Lake and MGX for the sale of its US arm, creating a joint venture as part of a deal orchestrated by President Donald Trump.
Larry Ellison’s database giant, private equity group Silver Lake and Abu Dhabi’s MGX will each control 15 per cent of the company, TikTok’s chief executive Shou Zi Chew told employees in a memo obtained by the Financial Times on Thursday.
ByteDance will own 19.9 per cent — the most allowed by US law. A group of new and existing investors in TikTok will take the remaining 35 per cent.
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