Deal for TikTok creates U.S. joint venture, and government won't have a stake
Summary
A new joint venture involving Oracle and Silverlake will manage TikTok in the U.S., but the government won't own any part or have a board seat. This arrangement is designed to follow both U.S. and Chinese laws. Oracle will handle the app's security and ensure American data safety.Key Facts
- Oracle and Silverlake will be part of a new joint venture controlling TikTok's U.S. operations.
- The U.S. government won't own any part of TikTok or have a seat on its board.
- TikTok's content recommendation system will be adjusted using U.S. data under Oracle's supervision.
- Oracle will act as the security provider, overseeing app updates and data storage.
- The deal's negotiation had to consider both U.S. and Chinese legal requirements.
- President Trump plans to sign an executive order to indicate the deal meets U.S. national security needs.
- The closing of the deal is set to happen 120 days after signing.
- National security worries arose because of TikTok's parent company, ByteDance, being based in China.
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