That was a long wait, but TikTok US is finally a done deal – News

After years of high drama, the joint venture to keep the TikTok in the U.S. has been finalized.

In a public announcement, TikTok USDS Joint Venture LLC said the 200 million Americans and 7.5 million businesses that use TikTok in the U.S. can rest easy. The deal is done. The announcement comes on the cusp of the long-delayed deadline set by President Trump in December.

TikTok’s Beijing-based owner, ByteDance Ltd., will retain a 19.9% stake in the U.S. operation, while the joint venture will be overseen by a board of seven directors. Oracle Corp., United Arab Emirates investment firm MGX and California-based private equity firm Silver Lake will together control more than 80% of the new venture. The investor lineup also includes the personal investment arm of Michael Dell, founder and chief executive of Dell Technologies Inc., as well as other firms.

Singaporean executive Shou Chew, TikTok’s chief executive, is on the board, but the majority of the board will be American. The joint venture’s CEO is Adam Presser, a TikTok veteran. Will Farrell will take the role of chief security officer, overseeing data privacy and security.

TikTok had long been seen as a threat to national security, amid concerns that ByteDance might be compelled to share user data or shape content at the direction of the Chinese government. TikTok U.S. has been designed as a compromise after years of threats to ban the app outright in the U.S., a move that would have been unpopular among its massive American user base.

Trump had originally sought to ban TikTok from the U.S. during his first term in 2020 when he signed an executive order under the International Emergency Economic Powers Act. It stated that unless the app was sold off to a non-Chinese company, it would no longer be available to its U.S. audience. The ban was ultimately blocked by a court injunction.

After former President Joe Biden gave the app a timeline to divest its U.S. operations, Trump softened his stance in his second term. What followed was a series of delays, during which he repeatedly told the public that he would “save TikTok.”

“Our foundation is a comprehensive data privacy and cybersecurity program we operate under defined safeguards to protect national security and secure U.S. user data, apps and the algorithm,” the venture said in its announcement. “We safeguard the U.S. content ecosystem, holding decision-making authority for trust and safety policies and moderation. USDS Joint Venture helps ensure Americans can continue to express their creativity, discover new hobbies and interests, and build thriving communities and businesses on a global scale.”

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