TikTok, joint venture
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Details on the expanded access to location information was published in a new privacy policy for the popular social media app.
TikTok’s new U.S.-controlled joint venture could determine whether the app survives in America and reshape how foreign-owned tech is regulated.
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The remainder of the TikTok US team — in ecommerce, advertising and marketing — will remain under ByteDance. In early January, Chew set up a Delaware limited liability company called TT Commerce & Global Services LLC, registering it to the address of the TikTok US headquarters.
TikTok and parent ByteDance have formed a joint venture to transfer parts of TikTok's US business to non-Chinese owners, ensuring the app's future in the US. This deal was initiated to address national security concerns and avoid a ban on the platform.
The deal, which forms a new U.S. TikTok under majority control of American investors, ends a yearslong battle that had pitted the U.S. and China, the world's two largest economies, against each other in a struggle for control of the fast-growing media titan.
The TikTok deal will allow it to continue operating in the U.S.—but what users see in their feeds could be altered over time.
TikTok is officially under new ownership in the US, and that could spell big changes for the video-sharing app. On January 22nd, ByteDance – TikTok’s Chinese parent company — and a group of investors closed a $14 billion deal to spin off the platform’s US operations,