TikTok to be controlled by US-led group including Oracle, Silver Lake and Andreessen Horowitz in proposed deal: report

President Trump’s potential deal to avoid a TikTok ban is taking shape – with several prominent US tech and investor firms set to take majority control of the China-owned app.Under the proposed terms, a group including billionaire Larry Ellison’s Oracle, Silver Lake and Andreessen Horowitz would form a new entity overseeing TikTok’s US operations, The Wall Journal reported, citing people familiar with the matter.The US group will reportedly own a combined stake of approximately 80%, with Chinese investors holding the rest.Under the TikTok divestment law passed by Congress last year, Chinese ownership can’t exceed 20%.“We’ve got a deal on TikTok.

I’ve reached a deal with China.I’m going to speak to [Chinese President Xi Jinping] on Friday to confirm everything,” Trump told reporters on Tuesday.

“These are very big companies that want to buy it.”The new US-run entity would be overseen by an “American-dominated board,” according to the Journal, and include at least one person designation by the Trump administration.Current US-based ByteDance investors, including Susquehanna, KKR and General Atlantic, will be part of the new entity that will control about 80% of TikTok, the report said.As The Post exclusively reported, current investors like General Atlantic’s Bill Ford want to “roll” their stakes into the new US-controlled entity to avoid capital gain taxes.But some insiders have questioned whether a move to roll Chinese shares into a US entity would violate Congress’s 20% threshold for Chinese ownership.In an apparent effort to address critics’ concerns about China controlling TikTok’s recommendation algorithm, users will reportedly be prompted to switch to a new version of the app.Sign up to receive On The Money by Charlie Gasparino in your inbox every Thursday.

Please provide a valid email.By clicking above you agree to the Terms of Use and Privacy Policy.

Never miss a story....