The Chinese company that owns TikTok, ByteDance, has announced that it will sell the majority stake of its business in the United States to avoid the banning of the video-sharing app. TikTok's CEO, Shou Zi Chew, informed employees about this agreement, which will be finalized on January 22. The new business structure will include investors such as Oracle, Silver Lake, and MGX from the United Arab Emirates, each holding 15%, while ByteDance will retain 19.9%. The agreement comes after years of pressure from Washington, which has demanded the sale of TikTok's operations for national security reasons. The White House has confirmed that Oracle will license the app's recommendation algorithm. This sale is seen as a de-escalation of relations between the US and China, with TikTok becoming a bargaining chip in these negotiations. Additionally, the future of the app has been uncertain due to trade tensions between the two countries, but recently, Beijing has seemed to accept the new structure, thus allowing both parties to claim a domestic victory.
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