TikTok has issued an announcement stating that it has established TikTok U.S. Data Security Joint Venture LLC. This joint venture will be responsible for protecting TikTok U.S. data, algorithm security, content moderation, and software protection.
The company will be led by Adam Presser, who has been appointed CEO by the Board. Will Farrell will serve as Chief of Security.
The announcement mentioned that in the TikTok U.S. Data Security Joint Venture, Oracle, Silver Lake Capital, and MGX each hold a 15% stake. Certain existing ByteDance investors and their affiliates collectively hold a 30.1% stake. ByteDance itself retains a 19.9% share, remaining the single largest shareholder of the joint venture.
The joint venture will also be governed by a