TikTok signs Trump-backed deal to avoid US ban
AI Summary
To avoid a US ban threatened by Donald Trump over national security concerns, TikTok's Chinese owner, ByteDance, has signed a deal to form a joint venture controlling its US operations. The agreement involves Oracle, Silver Lake, and MGX taking stakes in the new entity, which will oversee data protection, algorithm security, and content moderation. ByteDance will retain control of core revenue-generating activities like e-commerce and advertising. The US had previously accused TikTok of potentially sharing American user data with the Chinese government, allegations the company denies. While ByteDance will maintain a significant stake, the joint venture will be overseen by a majority-American board, aiming to address US security concerns and allow TikTok to continue operating in the US with its 130 million users.
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