TikTok signs deal to sell US unit to American investor-led venture

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TikTok’s Chinese owner, ByteDance, signed binding agreements with three major investors to sell just over 80% of the company’s US assets to American and global investors to avoid a US government ban, TikTok CEO Shou Zi Chew told employees on Thursday (December 18).

The deal is a major step toward resolving years of uncertainty about the short video app’s future in the United States since August 2020, when then-President Donald Trump first tried unsuccessfully to ban the app that is now used regularly by more than 170 million Americans.

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TikTok signs deal to sell US unit to American investor-led venture


TikTok’s Chinese owner, ByteDance, signed binding agreements with three major investors to sell just over 80% of the company’s US assets to American and global investors to avoid a US government ban, TikTok CEO Shou Zi Chew told employees on Thursday (December 18).

The deal is a major step toward resolving years of uncertainty about the short video app’s future in the United States since August 2020, when then-President Donald Trump first tried unsuccessfully to ban the app that is now used regularly by more than 170 million Americans.

The details of…



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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