TikTok has signed a deal to spin off its American business, according to reporting from Associated Press and others. This should keep the popular social media app available in the US for good, capping off years of drama.
We now have some new data as to the specifics of the deal. Nearly 50 percent of assets will be split between three companies. Oracle, Silver Lake and MGX will each control around 15 percent of the newly-formed entity. It's worth noting that MGX isn't an American company at all, but rather Abu Dhabi's state-owned investment firm.
The rest will remain in the hands of affiliates of TikTok's parent company, ByteDance. That company will also take a direct ownership stake of around 20 percent. US platform operations will be managed by a seven-member board of directors. The majority of this board will be Americans.
US data will be stored under a system operated by Oracle. That company is run by Larry Ellison, a
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