TikTok Seals Deal to Operate in the US After Years of Drama

TikTok and its Chinese parent ByteDance Ltd. have closed a long-awaited deal to transfer parts of their US operations to American investors, securing the popular video app’s future in the US and avoiding a nationwide ban. The social media company has officially established a US entity with three managing investors: Oracle, private equity firm Silver Lake Management LLC and Abu Dhabi-based investment company MGX. TikTok Chief Executive Officer Shou Chew — who will continue running ByteDance’s most valuable asset globally — gets a seat on the board. Adam Presser, who was TikTok’s head of operations, trust and safety, will now helm the American venture as CEO.
Bloomberg News Technology Reporter Alexandra Levine joins Bloomberg Businessweek Daily to discuss. She speaks with Carol Massar and Tim Stenovec. (Source: Bloomberg)