TikTok signs agreement to create new U.S. joint venture, memo says
Summarize this article with:
TikTok's U.S. operations will be housed in a new joint venture, according to a memo sent to employees by CEO Shou Zi Chew.The entity is named TikTok USDS Joint Venture LLC, the memo said. As part of the joint venture, Chew said in the memo, which was obtained by CNBC, that the company has signed agreements with the three managing investors: Oracle, Silver Lake, and Abu Dhabi-based MGX. Chew said that the deal's "closing date" is Jan. 22.Under national security law, which the Supreme Court upheld in January, China-based ByteDance was required to divest TikTok's U.S. operations or face an effective ban in the country. In September, President Donald Trump signed an executive order approving a proposed deal that would keep TikTok operational in the U.S. by meeting the requirements of a law originally signed by former President Joe Biden. Chew noted that the new TikTok joint venture would be "majority owned by American investors, governed by a new seven-member majority-American board of directors, and subject to terms that protect Americans' data and U.S. national security."This is breaking news. Please refresh for updates.WATCH: TikTok signs deal for sale of U.S. unit to joint ventureGot a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2025 Versant Media, LLC.
All Rights Reserved. A Versant Media Company. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by