TikTok finalizes a deal with US investors, it’s now mostly owned by US entities | Infinium-tech
After months of negotiations, TikTok finalized a deal with several US-based investors just days before the next deadline after which TikTok reportedly would have been banned in the US. Today, TikTok was finally spun off from ByteDance, which retains a 20% stake, while the other 80% is split between Oracle, Silver Lake, MGX, and others. Each of those three companies gets a 15% stake.
Perhaps the most important part of the deal is that the new joint venture will reportedly protect US users’ data and keep TikTok’s algorithms on US users’ data on its own servers. Oracle will be responsible for hosting these and will also be in charge of content moderation.
The new joint venture will also cover CapCut and Lemon8, promising to provide interoperability and international content for all users.
Operations will be overseen by seven board members, the majority of whom are Americans. The list includes TikTok CEO Shaw Zi Chew, Silver Lake co-CEO Egon Durban, Oracle executive vice president Kenneth Glueck and MGX chief strategy and security officer David Scott.
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