Abu dhabi: TikTok has reached an agreement to establish a new joint venture in the United States, effectively resolving the ban on the app within the country. ByteDance, the Chinese parent company of the short-video sharing platform, has partnered with American firms to form this venture, ensuring the app's continued availability to its over 200 million users in the US.
According to Thai News Agency, the newly formed entity, "TikTok USDS Joint Venture LLC," involves collaborations with American companies Oracle and Silver Lake, along with MGX from Abu Dhabi. This joint venture holds a significant 80.1% stake, ensuring American majority ownership. ByteDance will maintain a 19.9% stake in this new structure. The primary responsibility of the joint venture will be to manage the security and privacy measures of TikTok, addressing the concerns initially raised by the US government as the reason for the app's ban.