On September 25, Donald Trump signed an executive order mandating the sale of TikTok’s U.S. operations, a subsidiary of ByteDance (2024 revenue: US$155 billion, up by 38% year-on-year). These operations will be split into two distinct entities. The first will be a joint venture where ByteDance will retain less than a 20% stake, with the remainder held by a consortium including Rupert Murdoch (Chairman, News Corp. / Fox), Larry Ellison (Chairman, Oracle), Michael Dell (Chairman, Dell Technologie
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