Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
TikTok Forms US Joint Venture with Oracle/ Others; ByteDance to Retain US E-commerce/ Advertising Biz
Recommend 3 Positive 4 Negative 6 |
||||
|
||||
|
CEO Shou Zi Chew informed employees of an agreement signed with Oracle (ORCL.US), Silver Lake and MGX to establish an US joint venture company named TikTok US Data Security, Bloomberg quoted an internal memo of TikTok as saying. TikTok US Data Security will operate independently, responsible for data protection, algorithm security, content review and software maintenance in the US, the memo stated. Meanwhile, other TikTok entities in the US will continue to handle e-commerce, advertising, market operations and other areas. New investors will hold 50% stake of TikTok US Data Security, with Oracle, Silver Lake and MGX each holding 15%. 30.1% of the equity will be held by affiliates of some existing investors of ByteDance, TikTok's parent company, while ByteDance will retain 19.9%. TikTok US Data Security will establish a board of directors consisting of seven members, primarily composed of Americans. AASTOCKS Financial News Website: www.aastocks.com |
||||
Copied to Clipboard
 |
||||
