Nordskov Media
The report states that the division will be separated into a standalone company, which will be controlled by a consortium that, alongside Oracle, will feature Silver Lake and Andreessen Horowitz, along with current investors in ByteDance, the parent company of TikTok (Susquehanna International, KKR, and General Atlantic). Collectively, they will possess slightly more than 80% of the new venture, while the Chinese investors will hold slightly less than 20%.
The U.S. users of the social network will have the option to transition to a new version of the app that is currently in testing. Engineers at TikTok will modify the algorithms that dictate the content shown, and the personal information of Americans will be kept in Oracle data centers situated in Texas.
The agreement is in the last phases of being approved. The previous day, US President Donald Trump delayed the deadline for TikTok to sell its American division or shut down operations in the US until December 16. The earlier deadline was September 17.
Discussions regarding the future of the social network have been taking place for more than a year. On September 16, Trump announced that a deal with China regarding TikTok had been reached.
"We have an agreement on TikTok," he stated to reporters at the White House.
source: wsj.com
The U.S. users of the social network will have the option to transition to a new version of the app that is currently in testing. Engineers at TikTok will modify the algorithms that dictate the content shown, and the personal information of Americans will be kept in Oracle data centers situated in Texas.
The agreement is in the last phases of being approved. The previous day, US President Donald Trump delayed the deadline for TikTok to sell its American division or shut down operations in the US until December 16. The earlier deadline was September 17.
Discussions regarding the future of the social network have been taking place for more than a year. On September 16, Trump announced that a deal with China regarding TikTok had been reached.
"We have an agreement on TikTok," he stated to reporters at the White House.
source: wsj.com