Memo from TikTok CEO Confirms January Sale

TikTok's CEO, Shou Zi Chew, has informed employees through an internal memo that the sale of the company's US operations is set to be finalized on January 22nd. Reports indicate that Oracle, Silver Lake, and MGX from Abu Dhabi will collectively hold 45% of the ownership. Meanwhile, the parent company from China, ByteDance, is expected to retain a 20% stake.

Division of Ownership

According to sources, the remaining shares of the company will be allocated to affiliates of ByteDance's existing investors. This follows a turbulent period where TikTok was temporarily inaccessible in the US due to enforcement of divestment or ban laws which was part of an ultimatum set by former President Donald Trump.

Upcoming Changes

Within the memo, Chew mentioned that the new entity's recommendation algorithms will be modified to use data from US users and will be managed by Oracle. Efforts will continue to place a strong emphasis on servicing TikTok's users, content creators, and business partners globally.

Shou Zi Chew expressed his appreciation for the persistent efforts of the employees that have kept the app functioning at high standards. As part of the new arrangements, the focus will remain on enhancing the user experience and global growth of TikTok.