00:01President Donald Trump and TikTok announced a new joint venture designed to keep the app operating in the U.S. under U.S. leadership, with longtime TikTok executive Adam Presser named CEO.
00:13The venture will operate as an independent entity with a mostly American board, while ByteDance retains a 19.9% stake and Oracle, Silver Lake, and MGX lead as managing investors.
00:25Trump celebrated the deal as a win for great American patriots, thanked Chinese President Xi Jinping, and said the agreement protects national security through U.S.-based data and algorithm controls.
00:38The move sidesteps a national security law that once threatened a TikTok ban, allowing the platform and its related apps to continue operating for millions of U.S. users.
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