Kathmandu– TikTok’s Chinese parent company ByteDance has reached an agreement with investors in the US and around the world. The agreement includes the sale of a significant part of its US business.
TikTok’s head told employees on Thursday.
According to a memorandum sent by Chief Executive Officer Shou Ji Chu, half of the new joint venture will be owned by a group of investors including Oracle, Silver Lake and Emirates investment company MGX.
The deal is expected to be completed on January 22, ending US pressure to sell ByteDance its US business due to national security concerns.
The deal follows a proposal made public in September, when US President Donald Trump temporarily suspended legislation that would have banned TikTok if it was not sold.
