TikTok forms U.S. joint venture, names a CEO

Core Viewpoint - TikTok has established a joint venture named TikTok USDS to ensure its continued operation in the United States, with a focus on data security and governance by a predominantly American board [1][2]. Group 1: Joint Venture Structure - The joint venture will function as an independent entity governed by a seven-member board of directors, with the majority being American [2]. - Adam Presser has been appointed as the CEO of TikTok USDS, while TikTok CEO Shou Chew will serve as a director [1][3]. Group 2: Board Composition - The board of directors includes notable figures such as Timothy Dattels from TPG Global, Mark Dooley from Susquehanna International Group, Egon Durban from Silver Lake, Raul Fernandez from DXC Technology, Kenneth Glueck from Oracle, and David Scott from MGX [3]. - TikTok's parent company, ByteDance, will retain a 19.9% stake in the newly formed joint venture [3].