By Ashley Belanger ByteDance confirms TikTok will be controlled by US owners
After a year of stalled negotiations, TikTok owner ByteDance has reportedly agreed to Donald Trump’s deal giving US owners majority ownership of the app. By signing the agreements, ByteDance has...
After a year of stalled negotiations, TikTok owner ByteDance has reportedly agreed to Donald Trump’s deal giving US owners majority ownership of the app.
By signing the agreements, ByteDance has ended a prolonged period of uncertainty for millions of Americans who rely on TikTok for news, entertainment, social connection, and income. Under a law that Trump declined to enforce—which lawmakers convinced the Supreme Court was critical for national security—TikTok risked a US ban next year if the sale did not go through.
According to Reuters, terms of the deal match what was reported in September when Trump controversially confirmed that ByteDance would keep the algorithm. Under the deal, US investors and allies—including cloud computing firm Oracle, private equity group Silver Lake, and Abu Dhabi-based MGX—will likely license the algorithm.
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