The TikTok deal has been finalized, allowing US majority ownership by American and UAE investors.
It took more than a year to make the deal but it’s finally done. Byte Dance has signed off on an agreement to sell US Tik Tok to a group of American and UAE investors.
The deal, facilitated by the Trump administration, means the U.S. version of TikTok will become majority-owned by a group of investors that includes the American tech giant Oracle, the California-based private equity fund Silver Lake and the United Arab Emirates investment firm MGX.
ByteDance will keep a 19.9% stake in the U.S. operation, TikTok said in a December memo.
Americans make up TikTok’s largest user and creator bases, with more than 150 million active users in the country.
As you probably remember, the app was supposed to be banned about a year ago if China refused to sell, but President Trump kept extending the deadline to allow for more time to make a deal.
Such a ban almost came to fruition just over a year ago, when the Protecting Americans from Foreign Adversary Controlled Applications Act was supposed to take effect.
