TikTok has finalized an agreement with investors to form a new American entity, averting a potential ban in the United States. The deal involves major investors and sets up a new US-based operation led by Adam Presser. The agreement follows legislative pressure and includes provisions for an American-majority board, though ByteDance's continued involvement raises questions.
TikTok has finalized a deal to create a new American entity, avoiding the threat of a ban in the United States that has been in discussion for years.The wildly popular social media app finally signed an agreements with major investors including Oracle, Silver Lake and MGX to form the new TikTok U.
S. joint venture.President Donald Trump praised the deal in a Truth Social post, thanking China's President Xi 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.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. For several hours, it did. But on his first day in office, Trump signed an executive order to keep it running while his administration sought an agreement for the sale of the company.The law prohibits "any cooperation with respect to the operation of a content recommendation algorithm" between ByteDance and a new potential American ownership group, so it is unclear how ByteDance's continued involvement in this arrangement will play out.
Tiktok US Deal Ban Bytedance Social Media
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US and China sign off on TikTok divestment deal, clearing path for American spinoffThe U.S. and China have both signed off on TikTok’s long-awaited divestment deal, clearing way for the popular social media app’s future in the U.S., a White House official confirmed to Scripps News.
Read more »
TikTok Secures US Future with Joint Venture, Addressing Divestment ConcernsTikTok has established a joint venture in the US with a group of investors, including Oracle, Silver Lake, and MGX, to comply with US government regulations. This move addresses concerns about national security and data privacy, securing the platform's presence in the US market while adhering to a divestment requirement.
Read more »
TikTok finalizes deal to form new American version of the appThe social video platform company signed agreements with major investors including Oracle, Silver Lake and MGX to form the new TikTok U.S. joint venture.
Read more »
U.S. Finalizes Deal With TikTok For Control Of App’s American BusinessThe deal avoids the threat of the popular app being banned in the U.S. over national security concerns.
Read more »
TikTok Secures U.S. Future: New Joint Venture Averts BanTikTok finalizes deal to create a new American entity with Oracle, Silver Lake, and MGX to avoid a U.S. ban. The joint venture will implement data protections, algorithm security, and content moderation safeguards for U.S. users, marking the end of years of uncertainty.
Read more »
TikTok Secures Deal to Operate in US, Avoiding BanTikTok has finalized an agreement with major investors, including Oracle and Silver Lake, to create a new U.S. entity, averting a potential ban. The deal includes data protection measures, algorithm security improvements, and U.S. user data storage. The agreement aims to address national security concerns and ensures the platform's continued operation in the United States.
Read more »