"TikTok has now officially confirmed that it's established a new joint venture with a group of U.S. partners to meet the requirements of the Protecting Americans from Foreign Adversary Controlled Applications Act in the U.S., which will ensure that the platform remains in operation for U.S. users. "The Joint Venture will retrain, test, and update the content recommendation algorithm on U.S. user data. The content recommendation algorithm will be secured in Oracle's U.S. cloud environment.""
"According to a memo viewed by TechCrunch, the investor group consists of Oracle, private equity firm Silver Lake, and investment firm MGX. Collectively, they will hold 45% of the U.S. operation, with ByteDance keeping nearly a 20% stake. will essentially operate a separate variation of the app in the U.S., though as noted, it will not require users to download a new app."
The U.S. joint venture was created to satisfy the Protecting Americans from Foreign Adversary Controlled Applications Act and preserve TikTok's operation for U.S. users. The joint venture will retrain, test, and update the content recommendation algorithm on U.S. user data and secure that algorithm in Oracle's U.S. cloud environment. Oracle, Silver Lake, and MGX will collectively hold 45% of the U.S. operation while ByteDance will retain nearly a 20% stake. The Oracle-led deal was negotiated over four months following a proposal in September and completes before the January 23rd regulatory deadline. The U.S. operation will run a separate app variation without requiring users to download a new app.
Read at Social Media Today
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