ByteDance to Retain Control of TikTok U.S. in National Security Restructuring

ByteDance, the China-based owner of TikTok, has announced it will retain control over the U.S. operations of the popular app while ceding data management and algorithm control to a newly established joint venture. This move, prompted by an executive order from the U.S. President citing national security concerns, has raised questions about ByteDance's ongoing involvement.

This development follows a mandate requiring ByteDance to divest its U.S. operations or face a ban. The new joint venture, which includes notable investors like Oracle and Silver Lake, will handle user data, while ByteDance continues to oversee revenue-generating aspects like advertising and e-commerce.

The structural details of the agreement are still being finalized, with skepticism among congressional critics about the sufficiency of these changes in ensuring national security. The White House and ByteDance have not commented on these ongoing deliberations, as oversight from relevant authorities intensifies.

(With inputs from agencies.)