A deal has now been concluded which establishes a joint venture owned by a majority of American investors for TikTok effectively evading the ban in the United States, and letting the app stay in the country for an indefinite time. The deal makes a USDS TikTok Joint Venture LLC that makes global and United States investors own 80.1% of the platform while ByteDance will still have a stake of 19.9%.
An official from the White House has verified that both Chinese and United States governments have signed the deal and the President of the United States, Donald Trump took to social media to commend the outcome expressing how he’s happy helping save the platform.
The joint-venture will be operated by 7 board of directors that’s American in majority, where Shou Zi Chew, the TikTok global chief executive will be part of the board, and operations global head and former TikTok GM Adam Presser chosen as the CEO.
