Congress doesn’t seem to know if the TikTok deal complies with its law
TikTok finally closed a deal meant to bring it into compliance with the law that should have banned it a year ago, and the lawmakers who passed that law still don’t seem to know what’s going on.
The company announced Tuesday that its US service is now part of the separate TikTok USDS Joint Venture LLC, with parent company ByteDance holding just a 19.9 percent stake in that new entity. The rest is owned by Oracle and investment firms Silver Lake and MGX, as well as smaller investors including Michael Dell’s family investment firm. Oracle will store US data and the joint venture will “retrain, test, and update the content recommendation algor …
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Related Knowledge Center: The TikTok ban
The U.S. Congress passed and President Joe Biden signed into law a measure banning TikTok if it weren’t sold by its Chinese ownership. But now-President Donald Trump gave the service a reprieve, and a sale of its U.S. operations appears imminent.