ByteDance Spins Off TikTok US, US Investors Take Majority Stake

TikToks Chinese owner, ByteDance, has agreed to create a new US-based company, TikTok USDS Joint Venture, with American and global investors owning an 80.1% stake. This deal aims to prevent a potential US government ban and address national security concerns. Oracle will serve as a trusted security partner, ensuring US user data is stored securely. However, questions remain about Chinas ongoing involvement and the transfer of TikToks core algorithm.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.