No. of Recommendations: 4
https://www.reuters.com/legal/transactional/byteda...https://www.businessinsider.com/who-could-take-ove...Congress ordered either the sale of the Tik Tok social app, or its expulsion from the US. The current chief executive has created a "solution" which involves his close "American" supporters such as Oracle's Larry Ellison, Rupert Murdoch (questionable if he is American), and Michael Dell. TikTok is expected to sell its US assets to the consortium of investors, companies, and wealthy individuals and ByteDance, TikTok's global parent, is expected to maintain a minority stake in the US business.
Outside that group, a slew of other names have been reported as potentially being in the deal, including the private equity firm Silver Lake Management and MGX, a venture capital firm based in Abu Dhabi.
Trump said the consortium of TikTok US owners would include "four or five world-class investors," while Vice President JD Vance referred to the buyers as a "blue-chip group of investors."
ByteDance, TikTok's current owner, is also expected to hold a minority stake below 20%, the maximum allowed by the divest-or-ban law that spurred TikTok's sale.
The Chinese government has yet to announce final sign-off on a deal, but Trump said on Thursday that Chinese leader Xi Jinping "gave us the go-ahead."
A spokesperson for the Chinese foreign ministry said Friday that the parties had earlier reached a "basic framework consensus."
So, it seems that a bunch of his friends (I guess Musk is no longer part of the team) are set to make a killing and the concerns of whether China can keep tracking the data may not have been addressed.
Jeff
