TikTok signs joint venture deal to end US ban threat
Summary
TikTok has signed a joint venture deal involving Oracle, Silver Lake, and MGX to maintain its operations in the US and avoid a ban over its Chinese ownership.
Key Points
- TikTok signed a joint venture deal with Oracle, Silver Lake, and MGX to operate in the US.
- The US venture will handle data protection, algorithm security, content moderation, and software assurance.
- ByteDance retains just under 20% ownership to comply with US law limits on Chinese firms.
- The deal addresses US government concerns over data privacy and influence, enabling TikTok to avoid a ban.
