TikTok announced the finalization of the agreement to sell its US operations to non-Chinese investors , effectively opening a new chapter for the popular app that Donald Trump pledged to save on the first day of his presidency. A statement explained that the TikTok USD Joint Venture was created and is majority-owned by American companies , with Silver Lake, Oracle, and MGX each holding 15%. The separation of the US operations ends a years-long dispute over the creation of a joint venture in which China's ByteDance has a 19.9% stake. The US Congress passed a law in 2024 that would ban TikTok in the US if ByteDance did not sell its US operations, thus circumventing widespread concerns about potential misuse of US customer data and the app's use to promote Beijing's narrative.
The app was initially expected to be banned in January 2025 if no sales agreement was reached . However, Trump saved the app, repeatedly extending the deadline to allow more time for a deal. Although he favored banning TikTok during his first term, the US president later changed his mind after the app helped him win the 2024 election. The White House and China reached an agreement in principle last September to sell TikTok's US operations to a joint venture, which is now in place.
"I'm happy to have helped save TikTok ," which will now be controlled by "a group of patriots and investors." US President Donald Trump said this on his social media platform, thanking his Chinese counterpart Xi Jinping "for working" with the United States and "approving the deal." TikTok, "along with other factors, was responsible for my strong showing with the youth vote in the 2024 election," Trump emphasized.
(Unioneonline)
