TikTok Strikes Deal to Split Off an American Version, Ending Long Legal Saga
The New York Times • • business
Key Points:
- TikTok's Chinese owner, ByteDance, has reached a deal with non-Chinese investors, including Oracle, MGX, Silver Lake, and Michael Dell's investment entity, to create a new U.S.-based TikTok, concluding a six-year legal battle.
- The new venture will be majority-owned (over 80%) by these non-Chinese investors, with Adam Presser appointed as CEO of U.S. TikTok, aiming to reduce ties to China and address national security concerns.
- This agreement resolves longstanding threats of a U.S. ban on TikTok, which has faced opposition from Congress, the military, and both Trump and Biden administrations over fears of Chinese surveillance and influence.
- TikTok's CEO Shou
