The U.S. and China on Thursday signed off on a TikTok U.S. spin-off deal that will allow the short-form video app to continue to operate in the U.S. by addressing concerns about its Chinese parent company, ByteDance, a White House official confirmed to FOX Business.
The new TikTok U.S. joint venture, featuring a mostly American investor group led by Oracle and Silver Lake, was revealed last month when TikTok CEO Shou Chew told employees in an internal memo that the company had signed agreements to create the new entity.
He explained in the memo that the new entity would address U.S. lawmakers' concerns about the Chinese government's ability to use its influence over ByteDance to harness the platform for propaganda or to access the data of the platform's 170 million American users.
