<p><span style="font-weight: 400;">Chinese tech giant ByteDance has reached a deal over ownership of TikTok for the social media platform to stay active in the United States.</span></p>
<p><span style="font-weight: 400;">TikTok </span><a href="https://newsroom.tiktok.com/announcement-from-the-new-tiktok-usds-joint-venture-llc?lang=en"><span style="font-weight: 400;">announced</span></a><span style="font-weight: 400;"> the deal on Thursday evening after a six-year campaign to ban the app under Chinese ownership from the United States. Congress passed legislation over a year ago that could have spelled the end of TikTok in the United States, but President Donald Trump postponed the ban from going into effect beyond the bill’s stated grace period to reach a deal.</span></p>
<p><span style="font-weight: 400;">Since 2019, a conglomeration of people and entities have sought legal action against TikTok, while a bipartisan group of lawmakers has sought an outright ban over concerns that the platform was being used by China to steal from and spy on Americans.</span></p>
<p><span style="font-weight: 400;">The effort to ban TikTok was resisted by social media influencers who have used the platform to further their careers, as well as Trump, who prioritized negotiating with ByteDance to sell off the platform to allow it to continue to operate in the United States.</span></p>
<p>Under the terms of the deal, a new U.S. version of the app will be created, which will be 80% owned by international investors.</p>
<p><span style="font-weight: 400;">TikTok’s Thursday statement listed the new group of international owners. The largest owners outside of ByteDance itself are the software giant Oracle, the Emirati investment firm MGX, and U.S.-based investment firm Silver Lake. ByteDance will retain 19.9% ownership of the U.S. version of the platform while the other big three will each have 15%.</span></p>
<p><span style="font-weight: 400;">“Completing the full consortium of investors are: Dell Family Office, the investment firm of Michael Dell, Founder, Chairman and CEO of Dell Technologies; Vastmere Strategic Investments, LLC, an affiliate of Susquehanna International Group, LLP; Alpha Wave Partners; Revolution; Merritt Way, LLC controlled and managed by partners of Dragoneer; Via Nova, an affiliate of General Atlantic; Virgo LI, Inc., investment arm of a foundation established by Yuri and Julia Milner in support of science; and NJJ Capital, the family office of Xavier Niel, a French entrepreneur and pioneer in telecommunications,” the statement from TikTok explained.</span></p>
<p><span style="font-weight: 400;">Oracle will become the manager of all U.S. user data on the platform.</span></p>
<p><span style="font-weight: 400;">“TikTok USDS Joint Venture&#8217;s mandate is to secure U.S. user data, apps and the algorithm through comprehensive data privacy and cybersecurity measures. It will safeguard the U.S. content ecosystem through robust trust and safety policies and content moderation while ensuring continuous accountability through transparency reporting and third-party certifications,” the announcement stated.</span></p>

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TikTok Strikes Deal To Stay Active In U.S., Ending Years-Long Battle Over Chinese Ownership

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TikTok Strikes Deal To Stay Active In U.S., Ending Years-Long Battle Over Chinese Ownership