Hey TikTok fans, some major news is buzzing in the air! Your favorite short-video app is about to stay in the game, thanks to a fresh collaboration with big-name companies like Oracle, Silver Lake, and Abu Dhabi’s MGX. ByteDance, TikTok's parent company, is gearing up to launch a brand-new joint venture that will keep TikTok alive and kicking in the US.
Mark your calendars: this exciting agreement is set to wrap up on January 22. What does this mean for you? TikTok is redefining its magic, planning to retrain its recommendation algorithms using data from US users only. This promises to make your scrolling experience more authentic and relatable than ever!
In a heartfelt note to all TikTok staff, ByteDance CEO Shou Zi Chew expressed immense gratitude for everyone’s hard work. He said, "Your efforts keep us operating at the highest level and will ensure that TikTok continues to grow and thrive in the US and around the world."
Let's break down the new structure: Oracle, Silver Lake, and MGX will each scoop up 15% shares, while ByteDance holds onto 19.9%. Another 30.1% will be in the hands of existing ByteDance investors, and some secret investors will chip in with 5%.
Flashback! Did you know all this action began with a governmental push? There was even a law that could have banned TikTok without this deal. But no worries, now that everything's settled up, TikTok is here to stay.
Are you into numbers? Analysts say TikTok’s US slice might be valued around $14 billion, though some expected it to skyrocket past $50 billion! And, get this – Oracle’s stocks jumped nearly 7% just after the news hit, so there's excitement in the air for investors too.
This saga brings a seven-member board onboard (pun intended!) with a US majority, ensuring that your data is safe and sound on American soil. So breathe easy and get ready for more epic TikTok challenges, reels, and maybe new viral trends, driven by the freshest US vibes!
Stay tuned, keep scrolling, and let’s see where this exciting ride takes us!