TikTok establishes joint venture to end US ban threat

TikTok announced Thursday it has established a majority American-owned joint venture to operate its US business that will allow the company to avoid a ban over its ownership.

The TikTok USDS Joint Venture LLC will serve more than 200 million users and 7.5 million businesses while implementing strict safeguards for data protection, algorithm security and content moderation, the company said. US President Trump on Thursday welcomed TikTok's new majority American-owned joint venture and thanked Chinese President Xi Jinping for approving the deal.