"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." Trump add that he hopes "that long into the future I will be remembered by those who use and love TikTok." Adam Presser, who previously worked as TikTok's head of operations and trust and safety, will lead the new venture as its CEO. He will work alongside a seven-member, majority-American board of directors that includes TikTok's CEO Shou Chew."
TikTok finalized a deal to create a new American entity through agreements with Oracle, Silver Lake and Emirati firm MGX, forming TikTok U.S. as a joint venture. The U.S. operation will implement defined safeguards addressing national security via comprehensive data protections, algorithm security, content moderation and software assurances while allowing American users to keep the same app. Adam Presser will serve as CEO and a seven-member majority-American board will include TikTok CEO Shou Chew. The arrangement resolves prior legal risk after Congress passed a law to ban TikTok without a change of ownership and an executive order delayed enforcement.
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