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00:03ByteDance said,
00:05Thursday, it finalized a deal to create a majority American-owned joint venture, according to Reuters.
00:10The deal secures TikTok's U.S. user data and avoids a ban on the app,
00:15which is used by more than 200 million Americans.
00:18The agreement follows years of negotiations that began in 2020,
00:22after Trump raised national security concerns.
00:25The venture, TikTok-USDS Joint Venture LLC,
00:30will hold U.S. user data, apps, and algorithms under data privacy and cybersecurity measures.
00:36American and global investors will own 80.1% of the venture,
00:40while ByteDance will retain 19.9%.
00:43Oracle Silver Lake and MGX will each hold 15%.
00:48A White House official said both the U.S. and Chinese governments approved the deal.
00:52The venture will secure the algorithm in Oracle's U.S. cloud and retrain it using U.S. user data.
00:59For all things money, visit Benzinga.com.
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