00:01TikTok's Chinese parent company ByteDance says it has finalized a move to avoid a ban in the U.S.
00:06The deal will create a new majority-American-owned joint venture aimed at protecting U.S. user data.
00:12It's a major step after years of scrutiny by President Donald Trump,
00:16who in 2020 unsuccessfully tried to ban the app over national security concerns.
00:21In a post on Thursday, Trump said he is, quote,
00:24so happy to have helped in saving TikTok.
00:26He also lauded the deal, thanking Chinese President Xi Jinping for, quote,
00:32working with us and ultimately approving the deal.
00:35The TikTok-USDS joint venture will be responsible for securing U.S. data and apps
00:39and TikTok's recommendation algorithm.
00:42Under the agreement, American and global investors will own 80.1% of the venture,
00:47while ByteDance keeps the rest.
00:49Tech giant Oracle, private equity group Silver Lake, and Abu Dhabi-based MGX
00:53will service managing investors, each holding 15%.
00:58A White House official says both the U.S. and Chinese governments have approved the deal.
01:03The venture will retain and secure TikTok's algorithm using only U.S. data,
01:08which will be secured on Oracle's cloud system.
01:10Reuters sources said last year that ByteDance would still own TikTok's U.S. operations,
01:15but that control of data, content, and algorithms would shift to the new venture.
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