TikTok finalizes deal to create new US entity and avoid ban

ByteDance, TikTok’s parent company, has signed a deal with a group of non-Chinese investors to form a majority American-owned joint venture, ending a six-year political saga that began in 2020 when President Donald Trump attempted to ban the app over national security concerns. The joint venture, TikTok USDS Joint Venture LLC, will be led by Adam Presser as CEO and will include TikTok CEO Shou Chew as a director. The venture’s three managing investors, Oracle, Silver Lake, and MGX, will each hold a 15% stake, with additional investors including Michael Dell’s family investment firm. The joint venture will operate as an independent entity with safeguards to protect national security.