ByteDance Ltd.'s TikTok announced that it established a majority American-owned joint venture to keep it operating inside the United States, in line with a deal announced by President Donald Trump last September.
The newly formed TikTok USDS Joint Venture will be led by Adam Presser as CEO, while Will Farrell is to serve as Chief Security Officer. It will operate as an "independent entity" governed by a seven-member board consisting of TikTok CEO Shou Chew, TPG Global senior adviser Timothy Dattels, Susquehanna International Group Managing Director Mark Dooley, Silver Lake co-CEO Egon Durban, DXC Technology CEO and President Raul Fernandez, Oracle Executive Vice President Kenneth Glueck and MGX Chief Strategy and Safety Officer David Scott.
ByteDance itself will retain 19.9% of the venture, which will function "under defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation, and software assurances for US users."
https://breakingthenews.net/Article/TikTok-closes-deal-to-ensure-future-in-US/65530220
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