"TikTok reached a deal with a group of investors to form a new joint venture for its US business, according to an internal memo viewed by Business Insider. The deal comes more than a year after Congress passed a law that forced its owner, ByteDance, to divest from its US operations or face a ban, because TikTok was deemed a "foreign adversary-controlled" company."
"TikTok and its parent company ByteDance had sought recourse through the courts, arguing that the law - the Protecting Americans from Foreign Adversary Controlled Applications Act - violated the First Amendment. In January, the Supreme Court ruled against TikTok and upheld the divest-or-ban law. Since then, TikTok has been facing a looming deadline to find a US buyer. The app's future remained in limbo for months as the White House repeatedly extended the deadline and administration officials sought to work out a deal."
TikTok reached a deal with a group of investors to form a new joint venture for its US business. The move will allow TikTok to operate as an independent entity in the United States. Congress passed a law forcing ByteDance to divest from US operations or face a ban after deeming the company foreign-adversary-controlled. TikTok and ByteDance challenged the law in court, but the Supreme Court upheld the divest-or-ban requirement. The company faced a looming deadline to find a US buyer while the White House extended deadlines and sought a negotiated solution. An earlier executive order approved a roughly $14 billion sale involving Oracle and Larry Ellison.
Read at Business Insider
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