ByteDance retains a 19.9 per cent stake in the joint venture – keeping its ownership below the 20 per cent threshold stipulated by the law.
Three investors – Silver Lake, Oracle and Abu Dhabi-based AI investment fund MGX – each hold 15 per cent stakes. Oracle’s executive chairman, Larry Ellison, is a longtime Trump ally.
Other investors include Dell Family Office, affiliates of Susquehanna International Group and General Atlantic, and several other investment firms.
The joint venture will retain decision-making authority over trust and safety policies and content moderation for US users, while TikTok’s global entities will manage international product integration and commercial activities including e-commerce and advertising.
The joint venture will be governed by a seven-member, majority-American board including TikTok CEO Chew Shou Zi and executives from major investment firms.
TikTok executive Adam Presser was appointed CEO of the new entity, with Will Farrell serving as chief security officer.
In his post, Trump also thanked Vice President JD Vance and members of his administration who helped bring the TikTok deal to a “very dramatic, final, and beautiful conclusion”.
Trump also thanked Chinese President Xi Jinping for working with the US and “ultimately approving the deal”.
“He could have gone the other way, but didn’t, and is appreciated for his decision.”
https://www.channelnewsasia.com/world/tiktok-bytedance-deal-us-joint-venture-avoid-ban-china-5877811
