The TikTok social network has signed a deal to sell its US branch to a group of US investors, Report informs via Axios.
According to the internal memo, the deal is set to close on January 22.
Oracle, Silver Lake and Abu Dhabi-based MGX will collectively own 45% of the US entity. Nearly one-third of the company will be held by affiliates of existing ByteDance investors, and nearly 20% will be retained by ByteDance.
In September, US President Donald Trump signed an executive order to approve the deal that puts the Chinese social network"s US operations under the control of American businesses.
The document, published by the White House on its website, says that "TikTok"s US application would be operated by a new joint-venture company based in the United States." The company will be "operated in the US by a board of directors with national security and cybersecurity credentials, and subject to strict rules to protect Americans" data and our national security." The new company will be valued at approximately $14 billion.