"After months of negotiations, TikTok finalized a deal with several US-based investors days before the next deadline, after which TikTok would have allegedly been banned in the US. Today, TikTok was finally divested from ByteDance, which retains a 20% stake, while the other 80% is split between Oracle, Silver Lake, MGX and others. Each of those three companies gets a 15% stake."
"Perhaps the most important bit of this deal is that the new joint venture will supposedly protect American users' data and keep TikTok's algorithm on US users' data on its servers. Oracle will be responsible for hosting those and will also be in charge of content moderation. The new joint venture will also cover CapCut and Lemon8, promising interoperability and international content available to all users."
A deal finalized days before a potential ban divested TikTok from ByteDance, leaving ByteDance with a 20% stake and transferring 80% to US-based investors. Oracle, Silver Lake and MGX each receive 15% stakes within the 80%, with additional shares held by other investors. The new joint venture is designed to protect American users' data and to keep TikTok's algorithm and US users' data on US servers. Oracle will host those data and oversee content moderation. The joint venture will also include CapCut and Lemon8, promising interoperability and international content for all users. Operation will be overseen by seven board members, mostly Americans, including Shou Zi Chew, Egon Durban, Kenneth Glueck and David Scott.
Read at GSMArena.com
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