The tech giant Oracle and investment funds Silver Lake and the Abu Dhabi-based MGX plan to form a joint venture company to oversee the video sharing app TikTok's U.S.-based operations. According to CNBC, the proposed deal would satisfy the terms of a 2024 federal law that required China-based ByteDance to sell the U.S. version of the app. The deal would reduce their shares to under 20 percent, while granting a 45 percent stake to the new joint venture company.
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