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TikTok and its Chinese parent ByteDance closed a deal to transfer parts of the video app’s US business to American investors, .
The social media company has officially established a US entity with three managing investors: Oracle, private equity firm Silver Lake, and Abu Dhabi-based investment company MGX.
TikTok Chief Executive Officer Shou Chew, who will continue running ByteDance’s most valuable asset globally, gets a seat on the board. His lieutenant Adam Presser will helm the American venture as CEO.
The new entity will be responsible for moderating content on TikTok and protecting US users’ data. It will be governed ...