Tech
TikTok signs joint venture deal to end US ban threat
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TikTok said Thursday it had signed a joint venture deal with investors that would allow the company to maintain operations in the United States and avoid a ban threat over its Chinese ownership, US media reported.
According to an internal memo cited by Bloomberg and Axios, TikTok CEO Shou Chew told employees that the social media company as well as its Chinese owner ByteDance had agreed to the new entity, with Oracle, Silver Lake and Abu Dhabi-based MGX on board as major investors.
Oracle’s executive chairman and founder Larry Ellison is a longtime…
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