The Chinese company ByteDance (owner of TikTok) announced the completion of a deal that creates a new joint structure controlled by American and “global” investors.
The move should remove the threat of a federal ban on TikTok in the US due to national security claims.
According to Reuters, the new company will be called TikTok USDS Joint Venture LLC. The controlling stake (about 80.1%) will be received by American and international investors, and ByteDance’s share will be 19.9%. Among the largest co-owners are Oracle, Silver Lake and the investment company MGX (each – 15%).
ByteDance said the new structure will provide data storage, app operation and recommendation algorithms for US users “using privacy and cybersecurity measures.”
Reuters clarifies that the data and recommendation algorithm for the American segment are planned to be hosted on the Oracle cloud infrastructure in the United States.
The reports talk about the formation of a board of directors with a majority of American representatives and about the appointments of the leadership of the new structure (in particular, Adam Presser is mentioned as CEO).
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