Trump 'saved' TikTok with U.S. ownership deal, White House says | LiveNOW from FOX
President Donald Trump on Thursday signed an executive order allowing a deal which will put TikTok under U.S. ownership.Chinese President Xi Jinping "gave us the go-ahead" to proceed with the deal, according to Trump.
A group led by software giant Oracle that includes private equity firm Silver Lake and UAE state-owned investment firm MGX will be the main investors in TikTok U.S., with a combined 45% ownership stake, according to a report by CNBC citing sources familiar with the matter.
The White House previously indicated Oracle and Silver Lake would be among the main owners of TikTok U.S. Earlier this week, a White House official said that ByteDance would own less than 20% of the firm, while existing shareholders and global firms would account for the remainder of the company's ownership. ByteDance investors would hold the 35% stake, per the report.
Former NSA General Counsel Glenn Gerstell joins LiveNOW's Mike Pache to discuss.
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