TikTok US Operations Set to Spin Off Under Deal With Oracle, Silver Lake and MGX

TikTok is moving closer to staying online in the United States after reaching a major deal to separate its US business from its China-based parent company, ByteDance. The plan, backed by President Donald Trump, would place TikTok’s US operations into a new company owned mostly by American investors, according to a memo sent to employees by CEO Shou Chew. The agreement is not final yet, but it marks a big step forward. A US law passed last year requires TikTok to sell most of its American assets or face a ban. Enforcement of that law was delayed several times while…