Bill Ford, the CEO of ByteDance shareholder General Atlantic, said Wednesday he was confident that a deal will be reached to ensure TikTok stays online in the US — and suggested there may be option…
A major shareholder of ByteDance, the Beijing-based owner of TikTok, said Wednesday he was confident that a deal will be reached to ensure the video-sharing app stays online in the US — and suggested there may be options “short of divestiture” on the table., who issued an executive order delaying enforcement of a national ban by 75 days while China -based ByteDance seeks an American buyer.
General Atlantic and Blackrock are among multiple institutional investors that collectively own a 60% chunk of ByteDance. The company says its executives and employees each own 20%.and said he wants the US to receive a 50% ownership stake in the app as part of a joint venture, though the exact details of his plan remain vague.Trump also invited Oracle executive chairman Larry Ellison, whose company is a cloud computing partner for TikTok, to get involved.
Former Treasury Secretary Steven Mnuchin has said he is interested in investing in TikTok but said he had paused any bid to buy the app outright, while ex-Activision Blizzard CEO Bobby Kotick also was said to be exploring an acquisition in recent months.
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