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TikTok confirms deal to create new US venture, averting shutdown by a few hours

TikTok and its Chinese owner ByteDance have officially established a venture to transfer parts of its US business to a consortium of mostly US investors, effectively securing the platform’s future for its 170 million American users.

The company made the announcement on Thursday, hours ahead of a Friday shutdown deadline.

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TikTok , ByteDance , US investors , consortium , Donald Trump , Chew Shou Zi , Oracle , Silver Lake , MGX , ByteDance profit retention

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