TikTok signs deal with US - New joint venture avoids US ban
TikTok's Chinese owner, ByteDance, announced that it has finalized a deal to create a majority-owned American joint venture. The partnership avoids a US ban on the short-video app used by over 200 million Americans.
The agreement is a historic moment for the social network after years of battles that began in August 2020 when President Donald Trump tried to ban the app due to national security concerns.
ByteDance said the TikTok USDS Joint Venture will provide user data, apps and algorithms in the U.S. The company revealed few details about the share sale.
Trump praised the deal in a social media post, saying TikTok "will now be owned by a group of Great American Patriots and Investors." He thanked Chinese President Xi Jinping "for working with us and ultimately approving the Agreement."
The deal foresees that US and global investors will hold 80.1% of the venture, while ByteDance will own 19.9%.
Three managing investors of the TikTok USDS JV – giant Oracle, private equity group Silver Lake and Abu Dhabi-based investment firm MGX – will each hold 15%.
A White House official said the US and Chinese governments had approved the deal.
The interested parties have not yet disclosed elements of the agreement, such as the business relationship between the venture and ByteDance.
TikTok said other investors include Dell Family Office, the investment firm of Dell Technologies, Alpha Wave Partners, Revolution, Via Nova and 7 others. Former TikTok USDS figures Adam Presser and Will Farrell have been named CEO and chief security officer, respectively. TikTok CEO Shou Chew was also named to the new venture's board.
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