TikTok has signed a deal to spin off its US business. Investors include Oracle, Silver Lake and MGX, with around 15 percent ownership each.
TikTok has signed a deal to spin off its American business, according to reporting from Associated Press and others. This should keep the popular social media app available in the US for good, capping off years of drama.
We now have some new data as to the specifics of the deal. Nearly 50 percent of assets will be split between three companies. Oracle, Silver Lake and MGX will each control around 15 percent of the newly-formed entity. It’s worth noting that MGX isn’t an American company at all, but rather Abu Dhabi’s state-owned investment firm.
