"In a press release Thursday, TikTok announced the "TikTok USDS Joint Venture LLC," an entity established to keep TikTok operating in the US. Giving Americans majority ownership, ByteDance retains 19.9 percent of the joint venture, the release said, which has been valued at $14 billion. Three managing investors-Silver Lake, Oracle, and MGX-each hold 15 percent, while other investors, including Dell Technologies CEO Michael Dell's investment firm, Dell Family Office, hold smaller, undisclosed stakes."
"Americans will also have majority control over the joint venture's seven-member board. TikTok CEO Shou Chew holds ByteDance's only seat. Finalizing the deal was a "great move," Chew told TikTok employees in an internal memo, The New York Times reported. Two former TikTok employees will lead the joint venture. Adam Presser, who previously served as TikTok's global head of Operations and Trust & Safety, has been named CEO. And Kim Farrell, TikTok's former global head of Business Operations Protection, will serve as chief security officer."
The TikTok USDS Joint Venture LLC was created to keep TikTok operating in the United States with Americans holding majority ownership and board control. ByteDance retains a 19.9 percent stake and the joint venture was valued at $14 billion. Three managing investors—Silver Lake, Oracle, and MGX—each hold 15 percent, with additional investments from entities including Dell Family Office. TikTok CEO Shou Chew retains ByteDance's sole board seat. Adam Presser was named CEO and Kim Farrell chief security officer. The arrangement is presented as a qualified divestiture to avoid a federal ban, but the law requires ending any 'operational relationship' and ByteDance will maintain some operational influence.
Read at Ars Technica
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