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TikTok signs deal to create U.S. joint venture

TikTok has signed binding agreements with investors including Oracle, Silver Lake and MGX for the sale of its U.S. arm, creating a joint venture as part of a deal orchestrated by President Donald Trump. Parent company ByteDance will retain a 19.9% share of the firm, with 30.1% held by affiliates of existing ByteDance investors. TikTok chief executive Shou Zi Chew said the joint venture will "operate as an independent entity with authority over U.S. data protection, algorithm security, content moderation and software assurance," adding that TikTok's U.S. entities "will manage global product interoperability and certain commercial activities, including e-commerce, advertising, and marketing."

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