Blackstone is reported to have exited the consortium's bid for TikTok's U.S. business
According to a report by Bloomberg citing sources, global private equity giant Blackstone Inc. has exited the investor consortium seeking to acquire a minority stake in TikTok's U.S. business.
The sources, who did not want to be named, said that Blackstone has transferred its potential shares in TikTok's U.S. business to other investors in the consortium, including Oracle Corp., venture capital firm Andreessen Horowitz, and growth equity fund firm Atlantic Capital.
President Trump said in mid-June that he had identified a buyer to allow the popular social media platform to continue operating legally in the U.S. and to separate it from its Chinese parent company ByteDance.
Bloomberg later reported that the buyer proposed by Trump was the consortium including Blackstone Inc. The Trump administration recently extended the deadline by 90 days to reach a deal. This extension will expire in mid-September.
Original article: https://www.toutiao.com/article/1838092945522700/
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