Bobby Allen
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Under the terms of the deal, which were confirmed by NPR, current ByteDance investors will keep about a third of the entity, and Beijing-based ByteDance will hold a minority stake.
Backers don't expect American users of TikTok to notice any major changes.
China hawks in Washington have been worried about Beijing using TikTok to influence the political views of the 170 million Americans on the app.
Yet under the deal, ByteDance will still own the app's algorithm with audits by the new American-led entity.
After more than five years of intense debate, TikTok's US operations have been sold to a consortium of investors.
That group includes software and data center company Oracle, private equity firm Silverlake, and MGC, an investment company backed by the United Arab Emirates.
Under the terms of the deal, which were confirmed by NPR, current ByteDance investors will keep about a third of the entity, and Beijing-based ByteDance will hold a minority stake.
Backers don't expect American users of TikTok to notice any major changes.
China hawks in Washington have been worried about Beijing using TikTok to influence the political views of the 170 million Americans on the app.
Yet under the deal, ByteDance will still own the app's algorithm with audits by the new American-led entity.
After more than five years of intense debate, TikTok's U.S.
operations have been sold to a consortium of investors.
That group includes software and data center company Oracle, private equity firm Silverlake, and MGC, an investment company backed by the United Arab Emirates.
Under the terms of the deal, which were confirmed by NPR, current ByteDance investors will keep about a third of the entity, and Beijing-based ByteDance will hold a minority stake.
Backers don't expect American users of TikTok to notice any major changes.
China hawks in Washington have been worried about Beijing using TikTok to influence the political views of the 170 million Americans on the app.
Yet under the deal, ByteDance will still own the app's algorithm, with audits by the new American-led entity.