TikTok in the US will operate a Chinese-American joint venture

TikTok has a Chinese owner. This is ByteDance. On Thursday, the company signed agreements to transfer control of its U.S. operations to a group of investors. Among them is Oracle. This will end the uncertainty and restrictions on the resource in the US.

This deal is a major milestone for the TikTok app in the US. More than 170 million Americans use it there, notes xrust. Disturbances with this resource began in August 2020. That was the first time President Trump tried, unsuccessfully, to ban the app. He was concerned about national security.

The new American company would be valued at about $14 billion. This figure was lower than analysts' forecasts. The amount was not disclosed as of Thursday.

Under the agreement, US and international investors including cloud computing giant Oracle, private equity group Silver Lake and Abu Dhabi-based MGX will own 80% of the new joint venture TikTok USDS Joint Venture LLC, while ByteDance will retain 20%.

Xrust TikTok in the US will manage the Sino-US joint venture