International
TikTok Reaches Deal For New Joint Venture To Avoid U.S. Ban
UNITED STATES – TikTok’s Chinese parent company ByteDance has finalized a deal to create a majority American-owned joint venture, aimed at avoiding a potential U.S. nan on the popular social media app used by more than 200 million Americans.
UNITED STATES – TikTok’s Chinese parent company ByteDance has finalized a deal to create a majority American-owned joint venture, aimed at avoiding a potential U.S. nan on the popular social media app used by more than 200 million Americans.
The agreement, announced Thursday, January 22nd, marks a major milestone after years of national security concerns first raised in 2020 by U.S. President Donald Trump.
Under the deal, a new company called TikTok USds Joint Venture LLC, will oversee U.S. user data, the app and its algorithm, with enhanced data privacy and cybersecurity safeguards.
American and global investors, including Oracle, Silver Lake, and Abu Dhabi-Based MGX, will hold just over 80% of the new entity, while ByteDance retains a minority stake.
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