BlockBeats News, September 26th. According to Lianhe Zaobao, President Trump of the United States signed an executive order to advance the plan for American investors to acquire TikTok’s U.S. business from its Chinese parent company ByteDance, emphasizing that this acquisition plan will comply with a U.S. law’s national security requirements by 2024.
Vice President Pence said that TikTok is valued at $14 billion (approximately $18.1 billion SGD). Trump said at a signing ceremony at the White House on Thursday, September 25th, that tech investor Michael Dell and media mogul Rupert Murdoch, as well as “probably four to five world-class investors,” will participate in the TikTok acquisition plan.
Two sources familiar with the transaction revealed that three investors, including Oracle and private equity firm Silver Lake Partners, will collectively hold about 50% of TikTok’s U.S. entity. Agence France-Presse noted that Silicon Valley giant Andreessen Horowitz will also be involved in the acquisition plan. The investors acquiring TikTok are all allies of Trump, but Trump insists that TikTok will not favor any political stance.
Trump stated that the U.S. version of TikTok will meet the national security requirements of a 2024 law. After the transaction is completed, U.S. user data will be protected, and Oracle will assist in ensuring the security of the U.S. version of the TikTok algorithm.
