TikTok has finalized its U.S. joint venture, ending saga over its fate
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The long and winding road over the fate of TikTok — the enormously popular social video platform that has been a force in American youth culture and entertainment — has come to an end.After years of questions about TikTok’s future in America, the social media platform and its Chinese parent company, ByteDance, have finalized the app’s U.S.joint venture.
The announcement closes the chapter on a saga that began six years ago, when President Trump during his first term sought to ban the platform, citing national security concerns involving ByteDance.But Trump shifted his views on the platform after ByteDance and its affiliates agreed to divest majority ownership of U.S.operation to an American-led investor group.The joint venture deal was established under an executive order signed by Trump in September.
Business TikTok said Thursday that it signed an agreement to form a U.S.joint venture that is majority-owned by U.S.
investors and would oversee its U.S.operations.In an announcement posted Thursday, TikTok said the U.S.
joint venture now has three managing investors: Silver Lake, Oracle and Emirati investment firm MGX, each holding 15%, with ByteDance retaining 19.9% of investments.The remainder is owned by a host of investment companies, some of which previously invested in ByteDance.
The new firm will be headed by Adam Presser, who previously worked as TikTok’s head of operations and trust and safety.He will join a seven-member, majority-American board of directors that includes TikTok’s Chief Executive Shou Zi Chew.In a Truth Social post, Trump thanked Chinese leader Xi Jinping “for working with us and, ultimately, approving the Deal” and said it was a “dramatic, final, and beautiful conclusion.”“I am so happy to have helped in saving TikTok!” he wrote.
“I only hope that long into the future I will be remembered by those who use and love TikTok.�...