“We have signed agreements with investors regarding a new TikTok U.S. joint venture, enabling over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community,” TikTok CEO Shou Zi Chew reported in a memo to employees on December 18.
In response to intense American pressure, ByteDance, the privately owned Chinese company that owns TikTok, agreed to spin off TikTok’s U.S. operations.
According to Chew, the joint venture, named TikTok USDS Joint Venture LLC, would be “majority owned by American investors, governed by a new seven-member majority-American board of directors, and subject to terms that protect Americans’ data and U.S. national security.”
