TikTok announced the completion of an agreement that will allow the application to remain in the US. Forty-five percent of the US business of China's ByteDance, which owns TikTok, has been sold to a joint venture called TikTok USDS Joint Venture, managed by US-based Oracle and Silver Lake, and UAE-based MGX. The other 35.1% will go to other US investors, and 19.9% will remain with ByteDance.
Modern.az reports that US leader Donald Trump has made a post regarding this.
"I am very happy to have helped save TikTok! Now it will be owned by the world's largest group of great American patriots and investors and will be an important voice. Among other factors, it was thanks to this group that I performed so well among young people in the 2024 presidential election. I hope that in the distant future, I will be remembered by those who use and love TikTok," he noted.
TikTok's US operations were at risk after Joe Biden signed a law banning the social media platform if its Chinese owner ByteDance did not sell its US operations. Trump, who succeeded Biden in the White House, repeatedly extended the 90-day deadline for the sale of ByteDance's US operations.
