TikTok announced Thursday that it has concluded the deal to spin out its U.S. operations, capping a years-long dispute for access to the enormously popular video app for millions of Americans. In a press release, TikTok stated that the new U.S. joint venture “will operate under defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation, and software assurances for US users.”
Oracle, MGX of the UAE, and Silver Lake, a tech investment group, will each hold 15% of the new joint venture. The app’s Chinese parent company, ByteDance, will have a 19.9% share in the business. In a social media statement on Thursday, President Donald Trump said, “I’m so glad to have helped save TikTok! It will now be owned by a group of dedicated American patriots and investors.
I only hope that long into the future I will be remembered by those who use and love TikTok,” Mr. Trump said. For TikTok’s more than 200 million US users, the initial message is clear: the app is here to stay. The deal is not expected to substantially alter the user experience overnight, although small changes may occur over time. One of the most contentious issues in the dealmaking process was what would happen to the algorithm the secret sauce that made TikTok so addictive.
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