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TikTok Avoids US Ban as Joint Venture Deal Officially Closes
TikTok has announced that it has finalized a deal to establish a majority American-owned joint venture, allowing the app to continue operating in the United States indefinitely. First agreed in December, the deal creates "TikTok USDS Joint Venture LLC," which will be 80.1 percent owned by U.S. and global investors, with ByteDance retaining a 19.9 percent stake. Oracle, Silver Lake, and Abu Dhabi-based MGX each hold 15 percent as managing investors.
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