TikTok today announced a long-awaited deal for a majority American-owned joint venture it said “will operate under defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation, and software assurances for U.S. users.”
The JV is built on the foundation of the TikTok U.S. Data Security (USDS) organization, will operate as an independent entity governed by the following seven-member, majority-American board of directors including CEO Shou Chew, Silver Lake co-CEO Egon Durbin and reps from Oracle, TPG, Susquehanna International Group, DXC Technology and MGX.
Adam Presser will be CEO of theTikTok USDS Joint Venture. Under his leadership, the Joint Venture will secure U.S. user data, apps, and the algorithm, while driving business growth for TikTok, CapCut, and additional apps and websites in the U.S. Presser hails from TikTok and WarnerMedia.
Will Farrell will be Chief Security Officer.
The JV’s three managing investors include Silver Lake, Oracle and MGX, each holding 15%, along with Dell Family Office, the investment firm of Michael Dell, founder, chairman and CEO of Dell Technologies; Vastmere Strategic Investments, an affiliate of Susquehanna International Group; Alpha Wave Partners; Revolution; Merritt Way, controlled and managed by partners of Dragoneer; Via Nova, an affiliate of General Atlantic; Virgo LI Inc., investment arm of a foundation established by Yuri and Julia Milner in support of science; and NJJ Capital, the family office of Xavier Niel, aFrench entrepreneur and pioneer in telecommunications.
TikTok parent ByteDance retains 19.9% of the JV.
More to come
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