"TikTok has finalized a deal to create a new American entity, avoiding the looming threat of a ban in the United States that has been in discussion for years. The social video platform company signed agreements with major investors including Oracle, Silver Lake and 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,""
"President Donald Trump praised the deal in a Truth Social post, thanking China's President Xi 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 form a U.S. joint venture with investors Oracle, Silver Lake and MGX to avoid a potential U.S. ban. The new entity will employ defined safeguards for national security, including comprehensive data protections, algorithm security, content moderation and software assurances, with U.S. user data stored locally by Oracle. Adam Presser will serve as CEO and a seven-member majority-American board including Shou Chew will oversee operations. The agreement follows U.S. legislation threatening a ban if ByteDance did not divest and an executive order pausing shutdown while a sale was sought. American users can continue to use the same app.
Read at www.npr.org
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