ByteDance, the Chinese parent company of TikTok, has finalized an agreement to create an independent joint venture that will be majority-owned by American investors and responsible for securing U.S. user data — an effort aimed at averting a U.S. ban on the popular app, which has more than 200 million American users.
ByteDance retains 19.9 percent of the TikTok USDS Joint Venture, which has three managing investors: private equity group Silver Lake, Larry Ellison’s Oracle and Abu Dhabi’s MGX, each holding 15 percent.
Other investors include Dell Family Office, Vastmere Strategic Investments, Alpha Wave, Revolution, Merritt Way, Via Nova, Virgo Li Inc. and NJJ Capital.
Adam Presser, who has been serving as TikTok’s global head of operations and trust and safety, will serve as CEO of the new venture. He was previously a senior executive at Warner Bros.
The deal marks a significant milestone for the platform following years of legal and political battles.
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