TikTok finalizes deal for its US entity

TikTok has finalized a deal for its US entity, with its parent company ByteDance selling a majority stake to a group of non-Chinese investors. The deal was made just before a deadline set by the Trump administration to ban the app in the US unless it was divested from ByteDance. Under the terms of the deal, ByteDance will retain a 20% stake, while the remaining 80% will be owned by investors, including Oracle, Silver Lake, and MGX, an Emirati state-owned investment firm. The deal aims to address concerns over data security and content moderation for US users. The new entity will be overseen by a seven-member board of directors, mostly Americans, including TikTok's CEO Shou Chew. The joint venture promises to protect American users' data and retrain TikTok's algorithm on US users' data, as well as handle content moderation in the US.