Bytedance set to hand US Tiktok to American business giants

Bytedance will sell the majority of Tiktok’s American operations to a conglomerate of companies including US investment firm Silver Lake, Larry Ellison’s Oracle, and AI investor MGX, according to an internal memo from the company’s CEO.

According to Tiktok CEO Shou Chew, a new joint venture will see Silver Lake, Oracle, and MGX each hold 15% of the company, 19.9% will be retained by owner Bytedance; and 30.1% will be held by “affiliates of existing ByteDance investors”.

This comes after US Congress passed a law in 2024 that would ban Tiktok in the US unless Bytedance sold off its US entity.