The long and winding road over the fate of TikTok \u2014 the enormously popular social video platform that has been a force in American youth culture and entertainment \u2014 has come to an end.<\/p>\n
After years of questions about TikTok\u2019s future in America, the social media platform and its Chinese parent company, ByteDance, have finalized the app\u2019s U.S. joint venture.<\/a> <\/p>\n The announcement closes the chapter on a saga that began six years ago when President Trump during his first term sought to ban the platform, citing national security concerns involving ByteDance.<\/p>\n But Trump shifted his views on the platform after ByteDance and its affiliates agreed to divest majority ownership of U.S. operation to an American-led investor group.<\/p>\n The joint venture deal was established under an executive order signed by Trump in September. <\/a><\/p>\n In an announcement posted Thursday, TikTok said the U.S. joint venture now has three managing investors: Silver Lake, Oracle and Emirati investment firm MGX, each holding 15%, with ByteDance retaining 19.9% of investments.<\/p>\n The new firm will be headed by Adam Presser, who previously worked as TikTok\u2019s head of operations and trust and safety. He will join a seven-member, majority-American board of directors that includes TikTok\u2019s Chief Executive Shou Zi Chew.<\/p>\n ByteDance had been under pressure to divest its ownership in the app\u2019s U.S. operations or face a nationwide ban after Congress passed a law that went into effect a year ago.<\/a><\/p>\n Under new safeguards, there will be more protections for users\u2019 data and algorithms, as well as better content moderation and software assurances, the company said.<\/p>\n The new version will operate under \u201cdefined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation, and software assurances for U.S. users,\u201d the company said in its statement<\/a> Thursday. <\/p>\n These protections will be secured by Oracle\u2019s cloud environment. The tech company\u2019s Executive Chairman Larry Ellison has also been making headlines for attempting to purchase Warner Bros. Discovery through Paramount.<\/a> <\/p>\n The app will continue to function normally for American users. According to TikTok, there are over 200 million U.S. users and 7.5 million businesses that use the platform. <\/p>\n The news, announced last month, comes as a relief to many U.S.-based influencers<\/a>, many of whom operate in Southern California, who rely on the social media platform for their livelihood.<\/p>\n The deal removes a shadow that was cast over the future of TikTok, which has become one of the world\u2019s most dominant social media platforms and has a large presence in Culver City.<\/p>\n The company\u2019s business in the U.S. had been uncertain for many years amid legislators\u2019 security concerns about ByteDance\u2019s ties to China. <\/p>\n Trump allowed TikTok to keep operating in the country and in September signed the executive order<\/a> outlining the new joint venture.<\/p>\n