The deal to secure TikTok’s future in the US has finally closed
CNN • • business
Key Points:
- A new joint venture acquiring TikTok’s US assets has been formally established, with a leadership team led by CEO Adam Presser and Chief Security Officer Will Farrell, ahead of the January 23 deadline set by President Donald Trump.
- The joint venture, majority American-owned, will operate under strict safeguards to protect national security, including data protections, algorithm security, and content moderation, with Oracle overseeing US user data storage.
- Ownership of the joint venture is split among a consortium including Oracle, Silver Lake, and Emirati-backed MGX (50%), affiliates of existing ByteDance investors (just over 30%), and ByteDance itself retaining 19.9%.
- The deal transfers control of TikTok’s US operations and user data but allows ByteDance
