The sale of TikTok’s US operations is expected to close on Thursday, according to the US Treasury Secretary. Oracle will acquire a major stake in the popular video streaming service.
The streaming service must be sold to the US government to continue operating in the country. TikTok, owned by the Chinese company Bytedance, is currently reportedly experiencing too much influence from the Chinese government.
China and the US have already agreed on a “framework” last month, but the final details of the deal have now been finalised, according to US Treasury Secretary Scott Bessent. President Donald Trump and Chinese President Xi Jinping are expected to finalise the agreement this week during a visit to South Korea.
The deal will see Oracle, Silver Lake, and MGX, an Abu Dhabi-based investment firm, hold approximately 45 percent of the shares. According to CNBC, Fox Corp. and Dell will also get a share of the TikTok US platform.
