"TikTok has finalized a deal to create a new American entity, avoiding the looming threat of a ban in the United States that has been in discussion for years on the platform now used by more than 200 million Americans.The social video platform company signed agreements with major investors including Oracle, Silver Lake and the Emirati investment firm MGX to form the new TikTok U.S. joint venture."
"The new version will operate under "defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation and software assurances for U.S. users," the company said in a statement Thursday. American TikTok users can continue using the same app.President Donald Trump praised the deal in a Truth Social post, thanking Chinese leader Xi Jinping specifically "for working with us and, ultimately, approving the Deal.""
TikTok finalized a U.S. joint venture with investors Oracle, Silver Lake and Emirati firm MGX to avert a potential ban. The new U.S. entity will operate under defined safeguards covering data protections, algorithm security, content moderation, and software assurances for American users. American users can continue using the same app. Adam Presser will lead the venture as CEO and will work with a seven-member, majority-American board that includes Shou Chew. The agreement addresses a law that would have required ByteDance to divest by January 2025 and follows executive actions that preserved platform operations while a sale was negotiated.
Read at Fast Company
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