TikTok Reaches Deal With US Investors
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SAN FRANCISCO (AP) — TikTok has signed agreements with three major investors — Oracle, Silver Lake and MGX — to form a new TikTok U.S. joint venture, ensuring the popular social video platform can continue operating in the United States.
Just before the event's red carpet kickoff at the Hollywood Palladium, news broke that the U.S. deal for TikTok is officially happening.
The rest of TikTok will be retained by its parent company, ByteDance. The memo says the American branch of TikTok will operate independently and will have “authority over U.S. data protection, algorithm security, content moderation, and software assurance." The memo says the deal is expected to close on January 22.
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Is TikTok — Not AI — What Saves Oracle?
Oracle (NYSE: ORCL) shares are jumping 5% in premarket trading this morning, following news that TikTok’s parent company ByteDance signed binding agreements to form a U.S. joint venture majority-owned by American investors.
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