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TikTok\u2019s parent company, ByteDance, has signed a deal<\/a> with a group of non-Chinese investors to form majority American-owned joint venture to keep the social app operating in the U.S. The deal ends a six-year long political saga that\u00a0started in 2020 when President\u00a0Donald Trump\u00a0tried to ban the app over national security concerns during his first term.<\/p>\n Adam Presser, who was TikTok\u2019s head of operations and trust and safety, will be the CEO of TikTok USDS Joint Venture LLC. TikTok CEO Shou Chew will serve as a director. <\/p>\n The venture\u2019s three managing investors, Oracle, private equity firm Silver Lake, and Abu Dhabi-based investment company MGX, will each hold a 15% stake. Other investors include Michael Dell\u2019s family investment firm, along with several smaller investors.<\/p>\n TikTok USDS Joint Venture \u201cwill operate under defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation, and software assurances for U.S. users,\u201d TikTok said. <\/p>\n The joint venture will operate as an independent entity governed by seven members. In addition to Chew, the board includes Timothy Dattels of TPG Global, Mark Dooley of Susquehanna International Group, Egon Durban, co-CEO of Silver Lake, Raul Fernandez, CEO of DXC Technology, Kenneth Glueck of Oracle, and David Scott of MGX.<\/p>\n Trump celebrated the deal in a post on Truth Social<\/a>, stating that the app \u201cwill now be owned by a group of Great American Patriots and Investors, the Biggest in the World, and will be an important Voice.\u201d<\/p>\n<\/div>\n