TikTok美国新方案：合资公司仅负责数据、内容安全

Core Viewpoint - The new operational plan for TikTok in the U.S. has been approved by President Trump, ensuring its continued operation while establishing a joint venture for data and content security, valued at $14 billion [1][4]. Group 1: Operational Structure - The operational plan involves two main entities: "ByteDance TikTok U.S. Company" (BD TikTok US), which is fully owned by ByteDance and handles commercial operations, and the "TikTok U.S. Data Security Joint Venture" (TikTok USDS Joint Venture), which focuses on data and content security [3][4]. - The joint venture will be owned 19.9% by ByteDance, with existing global shareholders holding 30.1%, and new investors holding 50%, making ByteDance the largest single shareholder [4]. Group 2: Revenue Sharing and Cost Structure - The revenue-sharing mechanism between ByteDance's U.S. subsidiary and the joint venture is crucial, as the latter will incur high costs related to data security and content moderation, which are non-profit in nature [5]. - The operational costs for data security will include significant investments in infrastructure and personnel for content moderation, reflecting the high expenses typical for internet companies with millions of users [5]. Group 3: Comparison with Other Models - The operational model resembles Apple's "Cloud on Guizhou" approach in China, where local compliance and security requirements necessitate a similar structure, now referred to as "Cloud on Texas" due to Oracle's involvement [6][7]. - The "entrusted operation" model is becoming common as countries impose restrictions on foreign companies, requiring them to partner with local entities for compliance, a shift from previous practices where foreign firms had to adapt to local regulations in China [7][8].