Adam Presser Named CEO of TikTok USDS Joint Venture Amidst Ownership Shift

• Adam Presser, former TikTok head of operations, is now CEO of the TikTok USDS Joint Venture.
• The new US venture aims to keep TikTok operating in the US, with ByteDance holding only 20% ownership.
• Key investors include Oracle, Silver Lake, and MGX, each owning 15% of the new entity.
• The deal addresses US government concerns, with a seven-member board mostly comprising Americans.
• Donald Trump lauded the deal, thanking Chinese President Xi Jinping for cooperation.

Why It Matters: Adam Presser leads TikTok's new US joint venture, ensuring its operation with significant American ownership.