The Chinese parent company of the popular video app claimed that a group of non-Chinese investors had created an American version of TikTok to avoid the federal ban.
TikTok said on Thursday that its Chinese owner, ByteDance, had struck a deal with a group of non-Chinese investors to create a new US TikTok, ending a six-year legal saga that has seen the app banned by Congress and embroiled in political clashes between two global superpowers.
The investors include software giant Oracle, MGX, an Emirati investment company, and Silver Lake, another investment company, which will hold more than 80 per cent of the new venture. The list also includes the personal investment entity of Michael Dell, the technology billionaire behind Dell Technologies, and other companies, TikTok said. Adam Presser, former chief operating officer of TikTok, will be the chief executive officer of TikTok in the US.
The deal aims to loosen TikTok’s ties with China and address national security concerns that Beijing could use the app to surveil or manipulate its more than 200 million users in the US…
