Sources: US government receives billions
Photo: Jeff Chiu/AP/TT

Sources: US government receives billions for TikTok deal

The agreement regarding Chinese social media giant TikTok's operations in the US will give the US government the equivalent of SEK 95 billion in various fees, according to sources.

In January, it was announced that a joint venture had been created, involving Chinese owner ByteDance and cloud services giant Oracle, as well as investment companies Silver Lake and MGX.

TikTok's operations in the US will thus receive majority American ownership - a requirement to continue operating in the country.

Sources now tell The Wall Street Journal that the American investors are paying large fees to the government to broker the deal.

In January, $2.5 billion was transferred to the Treasury Department and more payments are to be made until a total of $10 billion (95 billion kronor) has been paid, according to the sources.

In this story
AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
Was this useful?

What do you think?

Keep readingmore from Business

All