TikTok US business gets green light from US and China for sale

TikTok's US business has secured regulatory approval from both the United States and China, paving the way for its sale to a consortium spearheaded by Oracle and Silver Lake. This development resolves a protracted regulatory conflict and restructures the US operations to be predominantly under American ownership, with the transaction expected to close this week to meet US deadlines. Under the agreement, ByteDance will retain less than 20% of the US entity. Oracle, Silver Lake, and MGX, a UAE state-owned investment firm, will each hold 15% stakes. The new US-based company will manage data protection, content moderation, and algorithm security, overseen by a seven-member board with an American majority.

(Source：Crypto Briefing)