ByteDance confirms TikTok will be controlled by US owners
a day ago
- #ByteDance
- #TikTok
- #US-China
- ByteDance agrees to Trump's deal giving US owners majority ownership of TikTok.
- The deal ends uncertainty for millions of TikTok users in the US.
- TikTok faced a potential US ban if the sale didn't proceed under national security concerns.
- US investors, including Oracle, Silver Lake, and MGX, will license TikTok's algorithm.
- US owners will control 80.1% of TikTok, while ByteDance retains 19.9% and a board seat.
- Oracle will act as a 'trusted security partner' to protect US data from Chinese access.
- All US data will be stored in Oracle's secure cloud environment in the US.
- TikTok's US operations will function as an independent entity, managing data protection and content moderation.
- ByteDance will oversee global product interoperability and commercial activities like e-commerce and advertising.