"TikTok's parent company, ByteDance, has signed a deal with a group of non-Chinese investors to form majority American-owned joint venture to keep the social app operating in the U.S. The deal ends a six-year long political saga that started in 2020 when President Donald Trump tried to ban the app over national security concerns during his first term. Adam Presser, who was TikTok's head of operations and trust and safety, will be the CEO of TikTok USDS Joint Venture LLC."
"The venture's three managing investors, Oracle, private equity firm Silver Lake, and Abu Dhabi-based investment company MGX, will each hold a 15% stake. Other investors include Michael Dell's family investment firm, along with several smaller investors. TikTok USDS Joint Venture "will operate under defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation, and software assurances for U.S. users," TikTok said."
ByteDance signed a deal with non-Chinese investors to create a majority American-owned joint venture to keep TikTok operating in the U.S. The agreement ends a six-year political saga that began in 2020 when President Donald Trump sought to ban the app over national security concerns. Adam Presser will be CEO of TikTok USDS Joint Venture LLC, and TikTok CEO Shou Chew will serve as a director. Oracle, Silver Lake, and Abu Dhabi-based MGX will each hold 15% stakes, joined by Michael Dell’s family investment firm and several smaller investors. The joint venture will operate under safeguards covering data protections, algorithm security, content moderation, and software assurances, and will be governed by a seven-member board.
Read at TechCrunch
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