US and China have signed off on a deal to sell TikTok’s US business to a consortium of mostly US investors led by Oracle and Silverlake, Semafor reports
Importance
Level 1
- The final deal closing is intended to meet a January 22nd deadline outlined by the Trump administration in an executive order that granted a 120-day stay on the enforcement of the federal ban.
- It was unclear how much ByteDance received for the US business
- Chew’s December memo said the new independent entity will control data protection, content moderation and algorithm security and that the entity would be “governed by a new seven-member majority-American board of directors.”
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