TikTok announced on Thursday that it had closed a deal to establish a new US entity, allowing it to sidestep a ban and ending a long legal battle. The deal finalized by ByteDance, TikTok’s Chinese owner, sets up a majority American-owned venture, with investors including Larry Ellison’s Oracle, the private-equity group Silver Lake and Abu Dhabi’s MGX owning more than 80% of the new entity. The announcement comes five years after Donald Trump first threatened to ban the popular platform in the US during his first term. TikTok’s future in the US had been unclear, a saga that began after
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