00:00TikTok has avoided a nationwide ban by sealing a deal to continue its U.S. operations.
00:06The app and its Chinese parent company, ByteDance, have closed a long-awaited deal to transfer
00:11parts of their U.S. operations to American investors. The social media company has
00:17officially established a U.S. entity with three managing investors, Oracle, private equity firm
00:23Silver Lake Management, and Abu Dhabi-based investment company, MGX. TikTok CEO Sho Chu
00:29gets a seat on the board. Adam Presser, who was TikTok's head of operations, trust, and safety,
00:35will now helm the American venture as CEO. The new TikTok U.S. entity will be responsible for
00:41moderating content on TikTok and protecting U.S. users' data. President Donald Trump thanked his
00:47administration and China's Xi Jinping for their role in the deal's conclusion. A TikTok sale ends a
00:53years-long geopolitical and regulatory tug-of-war that had threatened to shut down TikTok in the U.S.
00:59business over national security concerns involving China. Congress originally passed legislation in
01:042024 to ban the app unless ByteDance reduced its stake in TikTok's U.S. operations to less than 20%.
01:11The latest deal is a win for small businesses, big brands, content creators, and the roughly
01:17200 million U.S. users who frequent the app each month.
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