Core Viewpoint - The article discusses the new operational plan for TikTok in the United States, which involves the establishment of a joint venture to manage and operate TikTok, with ByteDance holding less than 20% of the shares [4][5]. Group 1: Operational Structure - A new joint venture will be created to oversee TikTok's operations in the U.S., with ByteDance and its affiliates owning less than 20% of the shares [4]. - The operational structure may involve splitting TikTok into two entities: one fully owned by ByteDance, responsible for commercial operations, and another joint venture focused on data security and local operations [4][5]. - The joint venture will include local and external investors, with ByteDance being the largest single shareholder but holding no more than 20% [5]. Group 2: Financial Aspects - The estimated valuation of the new TikTok joint venture is approximately $14 billion [6]. - TikTok is projected to achieve a revenue growth of 43% in 2024, reaching $23 billion, making it the fourth highest-grossing social app globally [7]. - TikTok's monthly active users in the U.S. have reached 170 million, with a strong appeal among younger demographics [8]. Group 3: Regulatory Context - The new operational plan follows an executive order signed by President Trump, which has a 120-day deadline for implementation [6]. - Previous extensions of the TikTok ban have been granted, with the latest extending the deadline to December 16, 2025 [6]. - ByteDance has committed to complying with Chinese laws while facilitating the continued operation of TikTok in the U.S. [7].

Core Viewpoint - The U.S. government has approved a new operational structure for TikTok in the U.S., involving a joint venture for data security and a separate entity for business operations, with ByteDance retaining significant control [3][4][5]. Group 1: Operational Structure - The new operational model includes two main entities: BD TikTok US, fully owned by ByteDance, responsible for commercial operations, and TikTok USDS Joint Venture, which will handle data security and local business operations, with ByteDance holding a 19.9% stake [3][4]. - The TikTok USDS Joint Venture is valued at $14 billion, while the overall TikTok U.S. business is valued at nearly $40 billion [4]. Group 2: Algorithm Control and Compliance - The agreement mandates the introduction of "trusted U.S. security partners" to monitor software updates, algorithms, and data flows, ensuring that U.S. user data is managed securely [5]. - ByteDance will retain intellectual property rights to TikTok's algorithms, allowing the joint venture to use them under a licensing agreement, pending approval from Chinese authorities [5]. Group 3: Regulatory Context - The executive order is part of a broader legislative framework aimed at protecting U.S. interests against foreign control of applications, with TikTok being classified as a "foreign adversary" under the Protecting Americans from Foreign Adversaries Act [5]. - The order reflects ongoing negotiations between the U.S. and China regarding TikTok, with both sides expressing a desire for a solution that respects market rules and legal frameworks [6]. Group 4: Financial Performance - TikTok is a key growth driver for ByteDance, with overseas revenue expected to grow by 63% in 2024, accounting for about one-quarter of the company's total revenue [7]. - TikTok's revenue for 2024 is projected to be $23 billion, representing a year-on-year growth of approximately 43% [7].

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].

【文/观察者网 朱新伟】刚刚，北京时间9月26日凌晨，美国总统特朗普签发行政令，宣布新版TikTok美 国运营方案符合美国相关法律要求，将确保TikTok在美国继续运营。一家合资公司将负责TikTok美国的 数据安全和内容安全，美国副总统JD·万斯表示，这家合资公司的估值为140亿美元。 据了解，该合资公司指的是"TikTok美国数据安全合资公司"（TikTok USDS Joint Venture），而非TikTok 美国的整体业务。依据彭博社此前报道，TikTok美国整体业务的估值接近400亿美元。 新运营方案此前曾被美国媒体反复报道，但都是局部细节，未呈现全局。观察者网综合了特朗普总统 令、中外媒体报道，以及复旦大学国际政治系教授沈逸从权威信源获得的信息，用图片的形式，独家呈 现出完整的TikTok美国运营新方案。 新的运营模式未来如何分配收益也广受关注。我们可以参考其他科技公司的运营情况来推演TikTok新方 案下各方的利益分配格局。 观察者网 算法由字节控制+合资公司负责数据安全 TikTok接下来要在美国实施的运营方案，涉及到两个主体。其中，图中左侧是"字节跳动TikTok美国公 司"（BD Ti ...

Core Points - The new operational plan for TikTok in the U.S. has been approved by President Trump, ensuring its continued operation in compliance with U.S. laws [1] - A joint venture named "TikTok USDS Joint Venture" will handle data and content security, valued at $14 billion, while TikTok's overall U.S. business is valued at approximately $40 billion [1][4] Group 1: Operational Structure - The operational plan involves two main entities: "BD TikTok US," a wholly-owned subsidiary of ByteDance responsible for commercial activities, and the "TikTok USDS Joint Venture," which focuses on data and content security [3][4] - ByteDance will hold 19.9% of the joint venture, while new investors will collectively own 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 will be crucial, as data security and content safety are high-cost operations [5] - The joint venture will incur significant expenses related to data security infrastructure and content moderation, which are essential for compliance with U.S. regulations [5] Group 3: Comparison with Other Models - The operational model resembles Apple's "Cloud on Guizhou" approach, where local compliance is achieved through a partnership with a local entity, in this case, Oracle for TikTok's data security [6][7] - This "delegated operation" model reflects a shift where foreign companies must adapt to local regulations, similar to past practices in China [7][8]