"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."
"After wide bipartisan majorities in Congress passed - and President Joe Biden signed - a law that would ban TikTok in the U.S. if it did not find a new owner in the place of China's ByteDance, the platform was set to go dark on the law's January 2025 deadline."
"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 U.S. joint venture to avert a potential national ban and preserve access for more than 200 million American users. The company signed agreements with Oracle, Silver Lake and Emirati firm MGX to form TikTok U.S., which will operate under defined safeguards including comprehensive data protections, algorithm security, content moderation and software assurances for U.S. users. Adam Presser will lead the new venture as CEO alongside a seven-member, majority-American board that includes Shou Chew. Congress had passed a law that would have banned TikTok unless it separated from ByteDance, prompting executive actions to delay enforcement. President Donald Trump publicly praised the deal.
Read at Fortune
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