TikTok signs joint venture deal to end US ban threat
Summary
TikTok has signed a joint venture deal with Oracle, Silver Lake, and MGX to maintain its US operations and avoid a ban over Chinese ownership concerns.
Key Points
- TikTok signed a joint venture deal with Oracle, Silver Lake, and MGX to keep operating in the United States.
- ByteDance retains just under 20% ownership in the new US venture, abiding by legal limits for Chinese companies.
- The US joint venture will control data protection, algorithm security, content moderation, and software assurance.
- The deal was made to comply with a US law requiring ByteDance to sell TikTok's US operations or face a ban.
