"TikTok is getting closer to spinning off its US business, and employees have questions about what that actually means for their jobs. On Thursday, President Donald Trump signed an executive order blessing the sale of TikTok US to an investor group. Two TikTok employees said they'd seen a link to the executive order posted internally, but as of Friday afternoon, no company-wide memos had followed."
"The deal, valued at $14 billion according to Vice President JD Vance, would include a handful of "blue-chip investors." Trump said on Thursday that Oracle, Larry Ellison, Michael Dell, and Rupert Murdoch would be involved. The prospective arrangement would satisfy the requirements of a divest-or-ban law, the White House said. The Chinese government has yet to formally green-light a sale, saying on Friday that a "basic framework consensus" had been reached."
"Two staffers said they were surprised by the $14 billion valuation, which they felt undervalued TikTok's US business. Analysts tend to agree. Morningstar estimated in June that TikTok US would sell for over $50 billion. A third employee questioned whether TikTok's US audience would split off into a separate app. Three employees said they were eager to know what ByteDance's relationship would be to TikTok US after a sale goes through."
President Donald Trump signed an executive order approving the sale of TikTok's US business to an investor group that reportedly includes Oracle, Larry Ellison, Michael Dell, and Rupert Murdoch. The White House indicated the arrangement would meet divest-or-ban law requirements, while the Chinese government has not yet formally approved the transaction, noting only a "basic framework consensus." Employees saw an internal link to the order but received no company-wide guidance, prompting questions about ultimate leadership, ByteDance stock options, potential layoffs, and whether the US audience would become a separate app. Staff and analysts differ on the $14 billion valuation.
Read at Business Insider
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