Officials told Bloomberg that Oracle and Silver Lake will join the board as ByteDance’s ownership drops below 20%, with six of seven seats slated for American investors.
The U.S. government will reportedly hold no equity stake, or ‘golden share,’ in the new entity that will oversee TikTok’s operations in the country.
A White House official told Bloomberg that the revamped board will not include a member selected by the U.S. government. They stated that the consortium set to run TikTok U.S. will consist of Oracle (ORCL) and private equity firm Silver Lake Management. Meanwhile, ByteDance, TikTok’s current owner, would see its stake fall below 20% to comply with national security requirements, the report added.
The official also stated that, under the proposed structure, U.S. citizens are expected to occupy six of the seven board seats, adding that he full roster of investors has not yet been finalized.
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