TikTok is officially under new ownership in the US, and that could spell big changes for the video-sharing app. On January 22nd, ByteDance – TikTok’s Chinese parent company – and a group of investors closed a $14 billion deal to spin off the platform’s US operations, introducing a new slate of American executives.
The Silver Lake investment firm, Abu Dhabi’s MGX, and the cloud giant Oracle will each have 15 percent stakes in the new TikTok US Data Security (USDS) Joint Venture LLC. ByteDance will still hold a 19.9 percent stake in the company, in line with the divest-or-ban law that went into effect last year – though the deal was pushed th …
Read the full story at The Verge.
The Verge
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