TikTok announced on Thursday that it had closed a deal to establish a new US entity, allowing it to sidestep a ban and ending a long legal battle.
The deal finalized by ByteDance, TikTok’s Chinese owner, sets up a majority American-owned venture, with investors including Larry Ellison’s Oracle, the private-equity group Silver Lake and Abu Dhabi’s MGX owning 80.1% of the new entity, while ByteDance will own 19.9%.
In September, Trump signed another executive order, which outlined a plan for US investors to take over the majority of the company’s operations and for the new version of TikTok to be controlled by a seven-member, majority-American board of directors of cybersecurity and national security experts.
Adam Presser, who previously served as TikTok’s general manager and global head of operations and trust and safety, would serve as CEO of the new venture, the company said on Thursday. The board will include Shou Chew, TikTok’s CEO.
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