00:00TikTok has avoided a nationwide ban by sealing a deal to continue its U.S.
00:05operations.
00:06The app and its Chinese parent company, ByteDance, have closed a few months.
00:10A long-awaited deal to transfer parts of their U.S. operations to American investors.
00:15The social media company has officially established a U.S. entity with three men.
00:20Oracle, private equity firm Silver Lake Management, and Abu Dhabi.
00:25And Abu Dhabi-based investment company, MGX.
00:28TikTok CEO Sho Choo gets...
00:30Adam Presser, who was TikTok's head of operations, trust and...
00:35...and safety will now helm the American venture as CEO.
00:38The new TikTok U.S. entity...
00:40...will be responsible for moderating content on TikTok and protecting U.S. users' data.
00:45President Donald Trump thanked his administration and China's Xi Jinping for...
00:50...their role in the deal's conclusion.
00:52A TikTok sale ends a years-long geopolitical...
00:55...and regulatory tug-of-war that had threatened to shut down TikTok in the U.S. over national...
01:00...and security concerns involving China.
01:02Congress originally passed legislation in 2020...
01:05...to ban the app unless ByteDance reduced its stake in TikTok's U.S.
01:10...operations to less than 20%.
01:12The latest deal is a win for small businesses...
01:15...big brands, content creators, and the roughly 200 million U.S. users who frequent...
01:20...the app each month.
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