"TikTok has received final approval for a new structure in the United States. The completion of TikTok USDS Joint Venture LLC brings an end to years of political uncertainty surrounding the future of the app in one of its most important markets. This was reported by Reuters. The new joint venture is intended to prevent TikTok from being banned and places control over data, technology, and oversight largely in American hands."
"ByteDance will remain involved, but from a distance. The Chinese parent company will retain a 19.9 percent stake, while more than 80 percent of the joint venture will be owned by American and international investors. Oracle, investment company Silver Lake, and Abu Dhabi-based MGX will jointly manage the venture. The investment vehicle of Dell founder Michael Dell and several other funds will also participate."
"Control is further secured through the management structure. The joint venture will have a seven-member board of directors, the majority of whom are American. TikTok CEO Shou Chew will sit on the board but will not have a decisive vote. Day-to-day management will be handled by Adam Presser, who has been with TikTok for some time. Will Farrell will serve as chief security officer, with specific responsibility for privacy and data security."
The TikTok USDS Joint Venture LLC received final approval, ending years of uncertainty over the app's US future. The structure places data, technology, and oversight largely in American hands to avoid a ban. The deal closed just before a postponed deadline set by President Donald Trump. ByteDance will retain 19.9% while over 80% will be owned by investors including Oracle, Silver Lake, and Abu Dhabi-based MGX. A seven-member board will be majority American; TikTok CEO Shou Chew will not have a decisive vote. Adam Presser will run operations and Will Farrell will oversee privacy and data security. US operations and core technology will be separated from the Chinese organization, with the recommendation algorithm retrained on US data in Oracle's US cloud.
Read at Techzine Global
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