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Top stories today:
- TikTok U.S. deal set to close Jan. 22, with Oracle overseeing data
- Lovable raises $330M at $6.6B valuation, led by CapitalG, Menlo
- CPI (core) +2.7% (+2.6%) YoY in shutdown-hit report as inflation eases
- Trump media group agrees $6B merger with TAE Technologies
- OpenAI said to be in early talks to raise up to $100B at $830B valuation
- ChatGPT tops $3B in global mobile consumer spending since launch
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. TikTok U.S. deal set to close Jan. 22, with Oracle overseeing data protection
TikTok USDS Joint Venture LLC will be the owner of TikTokās U.S. business, per an internal memo.
Oracle, Silver Lake, and Abu Dhabiās MGX will be the 3 āmanaging investorsā, collectively owning 45% of the joint venture.
The JV will oversee U.S. data protection, algorithm security, content moderation, and software assurance, the memo said.
It will also retrain TikTokās recommendation algorithm on U.S. user data to ensure feeds are free from outside manipulation.
~$14B could be the TikTok U.S. valuation.
ByteDance signed the deal on Thu. to form the JV to avoid the U.S. TikTok ban.
2. Lovable raises $330M at $6.6B valuation, led by CapitalG, Menlo Ventures
Khosla Ventures, Accel, and EQT also participated in the round.
$200M in ARR, up from $100M in Jul.
320K paying customers.
Investment will focus on integrations with partners like Stripe and Notion and bolstering engineering.
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