The White House is close to approving the TikTok US transaction. A16z and Blackstone plan to invest and control nearly half of the shares

Odaily Planet Daily News According to the Financial Times on April 3, the White House is close to approving a transaction plan to separate TikTok's US business from ByteDance. Sources revealed that a group of new external investors including a16z, Blackstone Group, Silver Lake Capital, etc. are expected to jointly hold about 50% of TikTok's US business. Existing investors General Atlantic, Susquehanna, KKR and Coatue will continue to hold about 30% of the shares. According to the terms of the transaction, TikTok's parent company ByteDance will retain less than 20% of the shares to meet the relevant requirements in US legislation that "foreign adversaries" cannot hold controlling stakes. The transaction is intended to meet the compliance requirements of the US law for non-Chinese holdings of TikTok to avoid it from facing a ban in the United States after April 5. It is reported that the transaction is still in its early stages and due diligence, structural adjustments and financing arrangements will be carried out in the coming months. White House officials plan to hold a meeting on Wednesday to discuss the matter. If President Trump approves, the transaction is expected to be announced as soon as possible. However, sources also reminded that the current situation is still unstable and the White House may still adjust its position.