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.

President Donald Trump in late June said he’d identified a buyer that would allow the popular social media app to legally continue ...