TikTok finalizes deal to create new US unit
(TNND) — TikTok reached a deal on Thursday to form a new U.S. division, avoiding the threat of a ban.
The development comes after the social video platform company signed a deal to sell to three American investors.
The company inked agreements with major investors, including Oracle, Silver Lake and MGX to form the new TikTok U.S. joint venture.
The new app will operate under “defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation and software assurances for U.S. users,” the company said in a statement Thursday.
Former TikTok executive Adam Presser will lead the new venture as CEO. He will be supported by a seven-member board that includes CEO Shou Chew.
President Donald Trump praised the deal on social media, thanking Chinese leader Xi Jinping “for working with us and, ultimately, approving the Deal.”
"I only hope that long into the future I will be remembered by those who use and love TikTok," he added.
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Editor's Note: The Associated Press contributed to this report.
