The TikTok deal has officially closed, with a “mostly American” investor group mutually led by Oracle and Silber Lake. ByteDance will still have a 20% stake, meaning TikTok will help fund the CCP. The venture will be led by a board that will have a majority of U.S. directors on it.
Deal for TikTok to Operate in U.S. Officially Closes, Desperate Dems of Course Call for an Investigation – RedState
For years, the fate of social media titan TikTok has hung in the balance, with potential deals falling through which would have overcome concerns about just how safe it was for people in the U.S. to use.
One of the concerns over the platform was that with the parent company ByteDance being based in China, it has entaglements with the authoritarian government and Chinese Communist Party. So, in the waning hours of the Biden administration, Congress passed a law that would ban access to the site unless it sold to a new owner outside China.
The new Trump 47 administration also took it up with the Supreme Court in an amicus brief, but SCOTUS chose not to stand in the way of the ban, something that President Trump delayed several times in hopes of making a deal.
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