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TikTok has finalized<\/a> the deal for its US entity<\/a>, with its parent company ByteDance selling majority of its stake to a group of non-Chinese investors. The deal was closed just before the Trump Administration\u2019s latest deadline, banning the app in the US unless it was divested from ByteDance, which will only retain 20 percent of the new entity. TikTok\u2019s investors will own 80 percent, with Oracle, Silver Lake and MGX, an Emirati-state owned investment firm, taking 15 percent each. Other investors include the investment firm of Dell\u2019s CEO.<\/p>\n The terms of the deal were first leaked<\/a> last month, after TikTok CEO Shou Chew reportedly told employees in a memo that TikTok and ByteDance had agreed to a group of investors. This ends a lengthy saga and months of slow progress<\/a> as the agreement was being worked out, ensuring that the app will remain available in the US after years of being on the verge of a ban in the country.<\/p>\n According to TikTok\u2019s announcement, the joint venture will protect American users\u2019 data with Oracle’s secure US cloud environment. It will also retrain TikTok\u2019s algorithm on US users\u2019 data and will be in charge of content moderation in the US. The entity promises interoperability, as well, promising that users will still get international content and, if they\u2019re a creator, viewers. \u201cThe safeguards provided by the Joint Venture will also cover CapCut, and Lemon8 and a portfolio of other apps and websites in the US,\u201d TikTok said.<\/p>\n The new entity will be overseen by a seven-member board of directors, most of whom are Americans. It includes, Shou Chew, the Chief Executive Officer of TikTok, Silver Lake co-CEO Egon Durban, Oracle Executive Vice President Kenneth Glueck and MGX Chief Strategy and Safety Officer David Scott.<\/p>\n<\/div>\n