The United States and China have approved a deal giving control of TikTok’s U.S. operations to investors backed by former President Donald Trump. The new entity, TikTok USDS Joint Venture LLC, will continue the app in the U.S.
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TikTok’s U.S. operations will be majority-owned by American investors, including Oracle and Silver Lake, with ByteDance retaining a minority stake.
ByteDance will retain a 19.9% stake, while a seven-member board—mostly American, led by Adam Presser and including CEO Shou Chew—will govern the venture. Majority owners include Oracle, Silver Lake, and UAE-based MGX, with Oracle co-founder Larry Ellison holding a 15% stake.
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