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TikTok US Business Gets Regulatory Approval from China and US for Sale
Source: CryptoNewsNet Original Title: TikTok US business gets green light from US and China for sale Original Link: https://cryptonews.net/news/finance/32320719/ TikTok’s US business has received regulatory approval from both China and the US, clearing the way for a sale to a consortium led by Oracle and Silver Lake.
The deal concludes a yearslong regulatory dispute and restructures US operations under mostly American ownership. The transaction is set to close this week to satisfy US deadlines.
As part of the agreement, ByteDance, the popular video-sharing app’s owner, will retain under 20% of the US business. Oracle, Silver Lake, and MGX, a UAE state-owned investment firm focused on AI, will each hold 15% stakes.
The new US-based entity will control data protection, content moderation, and algorithm security and will be governed by a seven-member American-majority board.