"Some US-based TikTok employees have been informed that they will not move into the newly proposed US joint venture, but will instead remain part of a separate global entity still owned by ByteDance. According to an internal memo reviewed by Business Insider, affected staff will be employed by TT Commerce & Global Services LLC, which will house businesses continuing to operate as part of TikTok's global structure."
"MiniMax, a Shanghai-based rival to DeepSeek, surged 87% on its trading debut after raising USD$619m (£458m) in an initial public offering. The shares rose to HK$310 (£31), giving the company a market capitalisation of more than USD$12bn (£8.88bn) and highlighting strong investor appetite for China's fast-growing AI sector. MiniMax is backed by investors including Alibaba and Tencent. Currently, most of its revenue is generated from consumer applications."
Some US-based TikTok employees will not move into the proposed US joint venture and will remain part of a global entity owned by ByteDance. Affected staff will be employed by TT Commerce & Global Services LLC, which will house businesses that continue to operate within TikTok's global structure, including e-commerce, advertising and marketing teams. Employees focused on data protection and algorithm security are expected to transition to the new US-based TikTok USDS Joint Venture LLC. Shanghai-based MiniMax surged 87% on its trading debut after raising USD$619m in an IPO, valuing the company above USD$12bn and reflecting strong investor demand for Chinese AI. Anthropic plans a USD$10bn fundraising to reach a USD$350bn valuation, nearly doubling its value within months.
Read at Exchangewire
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