The consortium will include Oracle Corp and private equity firm Silver Lake Management LLC, with current owner ByteDance Ltd’s stake dropping below 20% to comply with the national security law. The proposed plan is for Americans to hold six of the seven board seats for TikTok US. The full table of investors has not yet been finalised, the official said.
The US will not hold a golden share or equity position in a new entity that will control TikTok’s American operations, according to a White House official, even as President Donald Trump has taken steps toward unprecedented government involvement in other businesses during his second term.
Under the arrangement for TikTok, the new board will also not have a member selected by the US government, the official said Monday during a briefing call with reporters, providing new details on the US-China agreement after months of negotiations.
