Summary
TikTok has completed an agreement to create a new U.S.-based version of its app, partnering with major American investors like Oracle. This deal aims to prevent a U.S. ban due to national security concerns and includes strict data and software protections for American users.
Key Facts
- TikTok has finalized a deal to form a new U.S. unit to avoid a ban.
- Major investors in the new venture include Oracle, Silver Lake, and MGX.
- The new app will have safeguards for national security, including data and content protection.
- Adam Presser will be the CEO of the new TikTok U.S. unit.
- The U.S. board of directors will mostly consist of Americans.
- The agreement resolves ongoing uncertainty about TikTok's presence in the U.S.
- President Donald Trump signed an executive order to keep TikTok operating while talks for a sale were underway.
