US-Backed TikTok Deal Sets Up American-Controlled Unit
TL;DR
TikTok has finalized a $14 billion deal to create a U.S.-based subsidiary with a seven-member board, granting Oracle, Silver Lake, MGX, and the Dell Family Office 15% stakes each and leaving ByteDance with about a 20% stake. The U.S. entity will operate independently and control the app’s algorithm and data within its cloud, addressing national-security concerns and allowing the previously proposed ban to be avoided after approval from Trump.
- TikTok lands $14B deal to avoid US ban Politico
- Announcement from the new TikTok USDS Joint Venture LLC Newsroom | TikTok
- The deal to secure TikTok’s future in the US has finally closed CNN
- TikTok forms U.S. joint venture, names Adam Presser CEO CNBC
- TikTok Strikes Deal to Create New U.S. Entity and Loosen App’s Ties to China The New York Times
Want the full story? Read the original reporting
Read on Politico