TikTok finalizes deal to form US business entity

  TikTok has officially finalized its agreement to establish a business entity in the United States after its parent company, ByteDance, sold its majority ownership to a group of investors.

As reported by Engadget on Friday, this step was taken ahead of the latest deadline from President Donald Trump's administration which threatened to ban TikTok from operating in the United States if it was not released from ByteDance's control.

Under the deal, ByteDance retains only a 20 percent stake in the new TikTok US entity. The remaining 80 percent is held by investors, with Oracle, Silver Lake, and the United Arab Emirates' state-owned investment firm MGX each holding a 15 percent stake.

Other investors in the consortium include the investment firm owned by Dell's CEO.