TikTok Finalizes US Joint Venture Deal to Avoid Ban

TikTok has completed a deal to establish a new US-based entity, enabling it to avoid a potential ban and resolve an ongoing legal dispute. The new venture will be majority-owned by US investors, including Larry Ellison's Oracle, private-equity firm Silver Lake, and Abu Dhabi's MGX, holding 80.1% of the entity. ByteDance, TikTok's Chinese parent company, will retain 19.9% ownership. This strategic move aims to secure TikTok's position in the US market under American ownership.