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Stock impact report

TikTok signs Trump-backed deal to sell US entity to American investors [Yahoo! Finance]

Meta Platforms, Inc. - Class A (META) 
Company Research Source: Yahoo! Finance
The deal is expected to close on 22 January, according to an internal memo seen by he Associated Press and Reuters. The TikTok chief executive officer, Shou Zi Chew, said in the memo that ByteDance and TikTok have signed binding agreements with the three investors. The new TikTok US joint venture will be 50% held by a consortium of new investors, including Oracle, Silver Lake and Abu Dhabi-based MGX with 15% each. Another 30.1% will be held by affiliates of existing ByteDance investors and 19.9% will be retained by ByteDance, according to the memo. White House officials have said Oracle , which was co-founded by Donald Trump's supporter Larry Ellison, will license a copy of TikTok's recommendation algorithm as part of the deal, in a partnership that will expand on Oracle's existing management of TikTok's trove of data collected about its US users. Ellison's role in the new ownership of the most popular social media platform in the US has raised concerns about the decreasing sha Show less Read more
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