Blackstone, a private equity firm, is considering making a small minority investment in TikTok's U.S. operations. They are in discussions to join other non-Chinese shareholders, including Susquehanna International Group and General Atlantic, to potentially acquire TikTok's U.S. business. The plan involves creating a separate entity for TikTok's U.S. operations and reducing Chinese ownership in the new company to comply with U.S. regulations. This information was provided by sources familiar with the matter. Dawn Chmielewski reported from Los Angeles, with additional contributions from Katie Paul and Krystal Hu in New York, and Kane Wu in Hong Kong. The article was edited by Kenneth Li and Marguerita Choy.