China's ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President ...
NEW YORK/WASHINGTON: China's ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.
Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added. About 70per cent of ByteDance's outside investors come from the United States. ByteDance had received a proposal from some of its investors, including Sequoia and General Atlantic, to transfer majority ownership of TikTok to them, Reuters reported on Wednesday. The proposal valued TikTok at about US$50 billion, but some ByteDance executives believe the app is worth more than that.
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