Topline
The U.S. and China finalized a deal Thursday that will give a group of Trump-approved investors including Oracle control of TikTok’s U.S. unit, according to multiple outlets, keeping the app in the U.S. indefinitely following its delayed ban.
The deal was finalized Thursday.
Photo by Anna Barclay/Getty Images
Key Facts
Tech giant Oracle, private equity firm Silver Lake and Abu Dhabi-based investment firm MGX will be the managing investors of the newly created U.S. business, known as the TikTok USDS Joint Venture.
Each of the three investors hold a 15% stake in the company, with Oracle managing TikTok’s U.S. user data.
TikTok’s content recommendation algorithm will be retrained, tested and updated by the joint venture, according to Thursday’s announcement.
The joint venture will operate independently and be governed by a seven-member board of directors that includes Oracle CEO adviser Kenneth Glueck, Silver Lake co-CEO Egon Durban and MGX chief strategy and safety officer David Scott.
Adam Presser, the head of operations and trust and safety at TikTok and a former Warner Bros. executive, will be the chief executive of TikTok’s U.S. business.