Blackstone Drops Out of Group Seeking Stake in US-Based TikTok

Private equity firm Blackstone Inc. 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.

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.