(Bloomberg) — Private equity firm Blackstone Inc (BX) has pulled out of a group of investors seeking to take a minority stake in TikTok’s US-based business, according to a person familiar with the matter.
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Blackstone has ceded its potential stake in TikTok’s US operations to the other investors in a consortium that includes Oracle Corp., venture capital firm Andreessen Horowitz and growth equity investment firm General Atlantic, said the person, who asked not to be named while discussing private conversations.
President Donald Trump in late June said he’d identified a buyer that would allow the popular social media app to legally continue operating in the US, splitting it off from Chinese parent company ByteDance Ltd. Bloomberg News later reported that Trump’s proposed buyer was the same consortium that included Blackstone. The Trump administration had recently issued another 90-day extension to work out the deal. That extension expires in mid-September.
Reuters reported details of Blackstone’s withdrawal from the consortium earlier on Friday.
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