TikTok has finalised binding agreements with Oracle, Silver Lake and MGX to create a US joint venture, addressing the threat of a nationwide ban through defined national security safeguards. The new structure features Adam Presser as CEO with a seven-member board having a majority of American directors, while ByteDance retains a 19.9% stake. President Trump welcomed the deal and thanked Chinese President Xi Jinping for his role in approving the agreement, linking TikTok to his strong youth vote performance in the 2024 election.
TikTok Finalises Deal to Form New US Entity, Trump Thanks Xi Jinping
