TikTok finalizes U.S. spinoff entity, ending battle over Chinese ownership – National

The deal is a milestone for the short video app after years of battles that began in August 2020, when President Donald Trump first tried unsuccessfully to ban the app over national security concerns.

Get daily National news

Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

TikTok USDS Joint Venture LLC will secure U.S. user data, apps and the algorithm through data privacy and cybersecurity measures, the company said.

The agreement provides for American and global investors, including cloud computing giant Oracle, private equity group Silver Lake and Abu Dhabi-based MGX, to hold a stake of 80.1% in the new joint venture, while ByteDance will retain 19.9%.

More on Science and Tech
More videos