Oracle, Silver Lake consortium to control 80% stake in TikTok in US, WSJ reports

A new company will be created to operate TikTok, with U.S. investors holding a roughly 80% stake and Chinese shareholders owning the rest, the report said. Current users of the app will be asked to shift to a new app, which TikTok has built and is testing, the Post reported. Reuters had reported in July that TikTok was preparing to launch a standalone app for U.S. users, which was expected to operate on a separate algorithm and data system from its global app.