TikTok is now U.S.-owned, as President Trump signed an order requiring an 80% ownership by U.S. investors.
It wasn't reported who the investors were. What we do know is that Larry Ellison, CEO of Oracle, Michael Dell, of Dell Computing, and Rupert Murdoch are on the list. The deal values TikTok at $14 billion. The deal was struck to allow TikTok to remain available to the millions of American users while protecting their personal data.
ByteDance, the Chinese owner of TikTok said in a statement, "We thank President Xi and President Trump for their efforts to preserve TikTok in the U.S. ByteDance will work in accordance with the applicable laws to ensure TikTok remains available to American users."
The Agreement reduces ByteDance's ownership to 19.9% and includes not only TikTok but also the ancillary Lemon8 and CapCut applications.
Lemon8 is a TikTok lifestyle-focused app. A place to scroll through curated posts on fashion, beauty, food, travel, and wellness - while also sharing your own. Launched in Japan in 2020, the app has experienced huge growth worldwide.
CapCut is a free video editing app developed by ByteDance. It allows for quick editing of smartphone videos into professional-quality content by cutting, speed adjustments, music integration, etc. CapCut is a powerful video editing tool, and its popularity has grown exponentially.
This deal has been long-awaited by millions of U.S. TikTok users. It is not only a social platform but a robust online retail platform for millions of e-commerce entrepreneurs.
 |
| Presidents Trump and Xi |
This is good news for all parties involved and a very satisfactory outcome.
No comments:
Post a Comment