WASHINGTON - TikTok announced on Thursday it has established a majority American-owned joint venture to operate its US business, allowing the company to avoid a ban over its Chinese ownership. The TikTok USDS Joint Venture LLC will serve more than 200 million users and 7.5 million businesses while implementing strict safeguards for data protection, algorithm security and content moderation, the company said. ByteDance retains a 19.9 percent stake in the joint venture -- keeping its ownership below the 20 percent threshold stipulated by the law. The joint venture will be governed by a seven-member, majority-American board including TikTok CEO Shou Chew and executives from major investment firms. TikTok executive Adam Presser was appointed CEO of the new entity, with Will Farrell serving as chief security officer.
