TikTok finalizes deal to create new US entity and avoid ban

TikTok has finalized a deal to create a new U.S. entity, effectively avoiding a potential ban in the country. The deal comes after a six-year-long political saga that began in 2020 when former President Donald Trump attempted to ban the app due to national security concerns. Under the new agreement, TikTok will partner with Oracle and Walmart to create a new U.S. company called TikTok Global. The deal is subject to approval by the U.S. government and resolves the security concerns raised by the Trump administration. The agreement includes measures to address data privacy and security, ensuring that U.S. user data is stored and managed by the new U.S. entity. TikTok's parent company, ByteDance, will maintain a majority stake in the new entity, while Oracle and Walmart will have a combined 20% stake. The resolution of this long-standing issue provides stability for TikTok's operations in the United States and allows the popular social media platform to continue its growth and expansion in the country.