"The Silver Lake investment firm, Abu Dhabi's MGX, and the cloud giant Oracle will each have 15 percent stakes in the new TikTok US Data Security (USDS) Joint Venture LLC. ByteDance will still hold a 19.9 percent stake in the company, in line with the divest-or-ban law that went into effect last year - though the deal was pushed through with help from President Donald Trump in persistent disregard of the law."
"Who is in charge of TikTok now? Adam Presser, TikTok's former global head of operations and trust and safety, will serve as the CEO of the US-based company, while Will Farrell, who previously worked as the head of security and privacy for TikTok's US arm, will become the joint venture's chief security officer. Shou Zi Chew will remain the CEO of TikTok's global operations under ByteDance, and will get a seat on the US-based joint venture's board of directors, joined by six other Americans:"
TikTok's US operations were spun off into a US-based joint venture after a $14 billion deal closed on January 22nd. The joint venture, named TikTok US Data Security (USDS) Joint Venture LLC, grants 15 percent stakes to Silver Lake, Abu Dhabi's MGX, and Oracle, while ByteDance retains a 19.9 percent stake under the divest-or-ban law despite reported presidential intervention. A revised terms of service is appearing for US users, prompting concern even though some contested sections predate the deal. Leadership shifts place Adam Presser as US CEO, Will Farrell as chief security officer, and Shou Zi Chew on the joint venture board.
Read at The Verge
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