ByteDance Agrees to Sell Majority Stake in TikTok's US Assets to Avoid Ban

ByteDance has signed a deal to create a joint venture with Oracle, Silver Lake, and MGX to control TikTok's US operations, avoiding a potential ban in the US. The new company, TikTok USDS Joint Venture LLC, will be valued at around $14 billion and will operate as an independent entity, handling data protection, algorithm security, content moderation, and software assurance. ByteDance will retain a 19.9% stake in the new entity. The agreement is expected to close on January 22.