Trump announces Chinese leader's agreement on TikTok negotiation
In a significant development, US investors Oracle, Silver Lake, and Andreessen Horowitz are poised to take a majority stake in the new US subsidiary of TikTok, owning approximately 80% of the entity. The remaining shares will remain with the Chinese owners.
The founders of TikTok's parent company, ByteDance, including Zhang Yiming, will hold only a 20% stake but maintain control through shares with more voting rights. ByteDance, though often perceived as a Chinese company, is based on the Cayman Islands and is 60% owned by international investors.
The TikTok deal, which has been a subject of controversy for months, is reportedly progressing positively. According to President Trump, investors are readying themselves for the trump news transaction, and he has assured that the agreements would prevent Chinese influence over the app. However, he has not provided specific details about the measures to be taken.
Oracle, supported by Trump supporter Larry Ellison, is expected to continue as a technical service provider for TikTok in the US. The takeover could potentially bring another online platform under the financial influence of entrepreneurs sympathetic to the right-wing political camp around Trump.
The US government had already spoken of a fundamental agreement on the future of TikTok in the USA at the beginning of the week. President Xi Jinping of China has agreed to a deal over the video app TikTok, according to Donald Trump.
The Wall Street Journal reported that the US government would receive several billion dollars from these investors as part of the trump news transaction. TikTok previously stated that it has more than 170 million users in the US.
It is important to note that the developments regarding TikTok are unlikely to have any immediate impact on the operation of the short video app outside the US, such as in Germany. ByteDance, due to its headquarters in Beijing, is subject to many Chinese regulations.
This news follows other notable shifts in the tech industry, such as the takeover of Twitter by tech billionaire Elon Musk and the political shift of Mark Zuckerberg. These developments may lead to more right-wing political voices on online platforms.
President Trump has reaffirmed previous statements that American investors would take over the US business of TikTok. He has also granted an additional grace period for TikTok, which was not based on any law. The exact timeline and details of the trump news takeover are yet to be announced.
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