What are the TikTok deal details?
Asked 2 hours ago
Answer
TikTok has signed agreements to form a new U.S.-based joint venture involving Oracle, Silver Lake, and MGX. American investors will own over 50%, with ByteDance retaining less than 20%. The deal addresses U.S. concerns by storing user data locally and retraining the algorithm on American data. The closing date is set for January 22, and the new entity will oversee data protection, algorithm security, and content moderation.
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References
Half of the new TikTok U.S. joint venture will be owned by Oracle, Silver Lake, and MGX, with ByteDance retaining about 20%. The new entity will retrain the algorithm on U.S. user data to prevent outside manipulation. The deal aims to close by January 22.
TikTok has signed a deal to create a new U.S.-based unit with Oracle, Silverlake, and MGX as investors. Half of the new joint venture will be owned by these American investors, while ByteDance will retain less than 20%. The deal includes local storage of U.S. user data and retraining TikTok's algorithm on American data.
The U.S. joint venture will be 50% owned by Oracle, Silver Lake, and MGX (each holding 15%), and 30.1% by affiliates of existing ByteDance investors. ByteDance will retain 19.9%. The joint venture will oversee data protection, algorithm security, content moderation, and software assurance.