ByteDance has closed a deal to form TikTok U.S., a joint venture that is majority-owned by American investors — finally bringing the popular video app into compliance with a U.S. law that went into effect last year.
In the U.S., more than 200 million individuals and 7.5 million businesses use the app, according to the company. The TikTok U.S. JV will “operate under defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation, and software assurances for U.S. users,” the company announced Thursday.
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The new American company, formally called TikTok USDS Joint Venture, has three managing investors:
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