Part 8/10:

The structure of this joint venture hints that full ownership transfer is unlikely in the near future. Multiple stakeholders—including private equity firms like Silver Lake and MGM, along with strategic investors such as Oracle—are involved in the partnership, making unified decision-making challenging.

Kevin Mayer speculated that the joint venture might operate long-term without a full sale, potentially paving the way for ByteDance to pursue a public listing down the line. The intricacies of aligning multiple investors' goals suggest that TikTok’s current structure is designed for stability rather than a quick exit.