Billionaires Buying Tik-Tok
The Wall Street Journal is reporting the imminent sale of TikTok’s US operations to a consortium including Oracle, Silver Lake and Andreessen Horowitz.
It’s said they will acquire majority stake in the business worth between $35 billion and $40 billion. Meanwhile, ByteDance, TikTok’s parent company in Beijing, China, would retain a share somewhere below the 20 percent threshold.
Who are these new players? Oracle is the company that already provides the cloud services for TikTok to store its data. The full name of Silver Lake is Silver Lake Technology Management LLC. Headquartered in Silicon Valley, it’s among the largest private equity firms. Andreessen Horowitz is a venture capital firm, based in Nevada, formed by Marc Andreessen and Ben Horowitz.
President Donald Trump will be bringing the deal up for negotiations with his Chinese counterpart — Xi Jinping. Here’s a reaction video from The Jimmy Dore Show, with Jimmy joined by James Li.
