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The TikTok US sale is finally happening

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According to reports, TikTok has finalized the deal to sell its American business. axios, hollywood reporterAnd CNBC. They report that a memo to employees from TikTok CEO Shou Zi Chew on Thursday said the deal will close on January 22, with Oracle, Silver Lake and Abu Dhabi’s MGX owning a 45 percent stake in the company, while its China-based parent ByteDance will own a 20 percent stake.

The remaining stake in the company will be held by “affiliates of existing ByteDance investors.” axios Report. TikTok was briefly shut down in the US after divestment-or-ban laws were implemented in January. Throughout the year, President Donald Trump granted TikTok several extensions to its deal to sell its US-based operations. The US and China agreed on a “framework” for a deal in September, leading to another extension that expired on 16 December.

“Your efforts will keep us operating at the highest level and ensure TikTok continues to grow and thrive in the US and around the world,” Chew wrote. hollywood reporter“With these agreements in place, our focus remains where it has always been – firmly on delivering for our users, creators, businesses, and the global TikTok community,”

Reports indicate that US-based TikTok will use an algorithm based on one created by ByteDance, but it will be retrained on US user data and controlled by Oracle. TikTok did not immediately respond The VergeRequest for comment.



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