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TikTok confirms deal to create new US venture, averting shutdown by a few hours (www.scmp.com)

submitted 3 weeks ago by rss@news.abolish.capital to c/china@news.abolish.capital

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TikTok and its Chinese owner ByteDance have officially established a venture to transfer parts of its US business to a consortium of mostly US investors, effectively securing the platform’s future for its 170 million American users. The company made the announcement on Thursday, hours ahead of a Friday shutdown deadline. The deal – first outlined by TikTok chief executive Chew Shou Zi in an internal memo last month – was set to close this week, though it had not previously received the formal...

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[–] LadyMeow@lemmy.blahaj.zone 1 points 3 weeks ago

If you are curious who the ‘US’ investors are;

From the guardian article:

Larry Ellison’s Oracle, the private-equity group Silver Lake and Abu Dhabi’s MGX owning 80.1% of the new entity, while ByteDance will own 19.9%.

This camp uhh…. Well article instead I would use, isn’t great for well, any details. Though you can see some of trumps trash ass words in it. So there is that.