US President Donald Trump, on Friday, hailed TikTok’s new deal and thanked Chinese President Xi Jinping for approving to “save” the platform. Under the new agreement, the short video platform will be operated through a majority American-owned joint venture.“I am so happy to have helped in saving TikTok! It will now be owned by a group of Great American Patriots and Investors, the Biggest in the World, and will be an important Voice,” Trump said. He also credited the app for boosting his appeal among younger voters, saying it “was responsible for my doing so well with the Youth Vote in the 2024 Presidential Election”.Trump further added, “I only hope that long into the future I will be remembered by those who use and love TikTok.” He also thanked US vice president JD Vance and others in his administration who supported the agreement and also acknowledged Chinese President Xi Jinping for approving the arrangement, saying, “I would also like to thank President Xi, of China, for working with us and, ultimately, approving the Deal. He could have gone the other way, but didn’t, and is appreciated for his decision.”Trump’s remarks came as TikTok confirmed it has finalised the formation of TikTok USDS Joint Venture LLC, a newly created entity intended to run its business in the United States and avoid a long-threatened ban linked to ByteDance’s Chinese ownership.Company said that the joint venture will cater to more than 200 million American users and about 7.5 million businesses. It will also operate with tighter safeguards around data protection, cybersecurity, content moderation, and the app’s recommendation algorithm.Under the ownership structure, US and international investors will jointly control 80.1% of the venture, while ByteDance will retain a 19.9% stake. Oracle, Silver Lake and Abu Dhabi-based MGX are among the biggest investors, each taking a 15 per cent share. Smaller stakes have been allotted to the Dell Family Office, Alpha Wave Partners, Revolution and NJJ Capital.The agreement follows several years of political and regulatory scrutiny in Washington. Pressure began mounting in 2020 when Trump sought to block the app over national security concerns. More recently, a law passed under former president Joe Biden required ByteDance to divest its US business or face a ban in TikTok’s largest market.TikTok said the US operation will function as an independent company guided by a seven-member board, with American directors forming the majority. Adam Presser has been appointed chief executive of the US business and will be responsible for securing US user data while driving growth across TikTok and its related apps.
