The joint venture acquiring TikTok’s US assets has now been formally established and unveiled its leadership team, the company announced on Thursday, according to CNN.
The announcement came just one day before the deadline set by President Donald Trump for the app’s American operations to be separated from Chinese parent company ByteDance.
The completion of the transaction marks the end of a yearslong effort to secure TikTok’s future in the United States and resolve national security concerns surrounding the platform.
“The majority American-owned Joint Venture will operate under defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation, and software assurances for US users," the group said in a Thursday statement quoted by CNN.
The new entity will be led by CEO Adam Presser, who previously oversaw TikTok’s US data‑security efforts, and Chief Security Officer Will Farrell, who headed privacy and security for the project.
Oversight will be provided by a board that includes TikTok US CEO Shou Chew; Kenneth Glueck, Executive Vice President in Oracle’s Office of the CEO; and representatives from Susquehanna International Group, Silver Lake, and Emirati investment firm MGX, among others.
The US TikTok saga began during Trump’s first term, when he vowed to ban the app. Tensions escalated in 2024 when then‑President Joe Biden signed a law requiring TikTok’s US operations to be spun off or face a nationwide ban. During his second term, Trump has repeatedly issued executive orders to keep the app operational while negotiations continued.
After approving the agreement last fall, Trump set a January 23 deadline for the parties to finalize the transaction. TikTok signed the deal last month.
The outcome is expected to reassure TikTok’s more than 200 million American users, many of whom rely on the platform for entertainment, news, and income.
Commenting on the agreement, Trump wrote in a post on Truth Social, “I am so happy to have helped in saving TikTok! It will now be owned by a group of Great American Patriots and Investors, the Biggest in the World, and will be an important Voice."
He added, “Along with other factors, it was responsible for my doing so well with the Youth Vote in the 2024 Presidential Election. I only hope that long into the future I will be remembered by those who use and love TikTok. Thank you to Vice President JD Vance, and all of the others within my Administration, who helped bring this Deal to a very dramatic, final, and beautiful conclusion. I would also like to thank President Xi, of China, for working with us and, ultimately, approving the Deal. He could have gone the other way, but didn’t, and is appreciated for his decision."