00:00Welcome back. TikTok's Chinese owner ByteDance has signed binding agreements to create a new
00:06joint venture that will hand control of the app's US operations to American and global investors.
00:12Under the deal, a new entity will take over operations of the app in the US.
00:18American and global investors, including Oracle, Silver Lake and Abu Dhabi-based MGX,
00:24will hold 80.1% of the company, while ByteDance retains 19.9%.
00:30The law requiring a sale or ban of the app was passed in 2024,
00:35with President Donald Trump delaying its enforcement to allow the deal to proceed.
00:39TikTok's CEO Sho Zichu said the new joint venture will operate as an independent entity,
00:45with authority over data protection, content moderation and algorithm security in the US.
00:50However, questions remain about ByteDance's ongoing role,
00:54including whether the app's core algorithm has been fully transferred or remains under Chinese control.
01:00The deal, expected to close on January 22nd, would secure TikTok's future for more than 170 million American users,
01:09while shifting its US operations and a majority non-Chinese ownership for the first time.
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