TikTok signs agreement to create new U.S. joint venture according to internal memo

TikTok’s U.S.. operations will be housed in a new U.S. joint venture named TikTok USDS Joint Venture LLC, according to a memo sent to employees by TikTok CEO Shou Zi Chew.

Chew said in the memo, obtained by CNBC, that the company has “signed agreements” with the three managing investors Oracle Corporation, Silver Lake, and Abu Dhabi-based MGX as part of the new joint venture.

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