TikTok agrees to deal to cede control of U.S. business to American investor group

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TikTok has reached a deal to cede a substantial portion of its U.S. operation to a group of American investors, thus ending a years-long tussle in which the federal government has sought to force the platform to do just that.

The new partnership is described as a “new TikTok U.S. joint venture” in an internal memo from ByteDance CEO Shou Chew, which was viewed by TechCrunch.

That arrangement will see major American investors take over significant control of the U.S.-based business. The newly formed investor group includes cloud giant…



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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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TikTok agrees to deal to cede control of U.S. business to American investor group


TikTok has reached a deal to cede a substantial portion of its U.S. operation to a group of American investors, thus ending a years-long tussle in which the federal government has sought to force the platform to do just that.

The new partnership is described as a “new TikTok U.S. joint venture” in an internal memo from ByteDance CEO Shou Chew, which was viewed by TechCrunch.

That arrangement will see major American investors take over significant control of the U.S.-based business. The newly formed investor group includes cloud giant…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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