Oracle, Among Others, Prepares to take over TikTok

TikTok to be controlled by US-led group including Oracle, Andreessen Horowitz: report – New York Post
Source Link
Excerpt:

President Trump’s potential deal to avoid a TikTok ban is taking shape – with several prominent US tech and investor firms set to take majority control of the China-owned app.

Under the proposed terms, a group including billionaire Larry Ellison’s Oracle, Silver Lake and Andreessen Horowitz would form a new entity overseeing TikTok’s US operations, The Wall Journal reported, citing people familiar with the matter.

The US group will reportedly own a combined stake of approximately 80%, with Chinese investors holding the rest. Under the TikTok divestment law passed by Congress last year, Chinese ownership can’t exceed 20%.

About The Author