Topline
An investor group headlined by Larry Ellison’s Oracle, the private equity Silver Lake and Marc Andreessen's venture capital firm will hold a controlling stake in TikTok’s new U.S. business, the Wall Street Journal reported Tuesday, as President Donald Trump claimed a deal was struck to keep the China-based app online nationwide.
Oracle, Silver Lake and Andreessen Horowitz are among U.S investors who will hold an estimated 80% stake in a new U.S. company that will operate TikTok, with Chinese shareholders owning the remaining shares, the Wall Street Journal reported, citing people familiar with the matter.
Oracle will control user data at its facilities in Texas under the new company, whose board will primarily consist of Americans and one member designated by the U.S. government, according to the Journal.
Susquehanna International, KKR and General Atlantic and other existing investors in ByteDance, TikTok’s parent firm, would also be part of the controlling group.
Ellison, 80—who is challenging Elon Musk to be the world’s richest person—is amid a career renaissance, as Oracle has reported massive gains this year, and he’s backed his son’s emerging role as a major Hollywood mogul.
This is a developing story.