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

In a significant move for its American operations, TikTok has announced the formation of a new joint venture named TikTok USDS Joint Venture LLC. This development was detailed in an internal memo from TikTok's CEO, Shou Zi Chew, which was later shared with CNBC. Chew confirmed that agreements have been secured with three key investors: Oracle Corporation, Silver Lake, and MGX, based in Abu Dhabi. This strategic partnership is expected to reshape the way TikTok operates within the United States, aiming to enhance its presence in the competitive social media landscape. Stay tuned for further updates as this story unfolds.