TikTok struck a long-awaited deal to sell its U.S. business to American investors, ending years of uncertainty, according to the Associated Press. Oracle, Silver Lake, and MGX will take major stakes in a new TikTok U.S. venture set to close in January.
The agreement gives U.S.-based investors control of about half the company, while ByteDance keeps a minority stake. A new majority-American board will oversee operations, data security, and content moderation.
User data will stay on U.S. servers run by Oracle, and TikTok’s algorithm will be retrained on American data. The move avoids a federal ban and keeps the platform running nationwide.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].