(Yicai) Jan. 23 -- TikTok said it has established TikTok USDS Joint Venture, with its Chinese owner ByteDance ranking as the largest single shareholder having a 19.9 percent stake in the new US data security JV that will oversee the short video platform's local operations.

The new JV will let 200 million Americans and 7.5 million businesses keep using TikTok and be overseen by a seven-member US-majority board including TikTok CEO Shouzi Chew, the platform announced today.

Other entities under TikTok in the United States, which are wholly owned by Beijing-based ByteDance, will continue to "manage global product interoperability and certain commercial activities, including e-commerce, advertising, and marketing," which are the platform's primary revenue source, it noted.

Oracle, Silver Lake, and MGX serve as managing investors of TikTok USDS, each holding a 15 percent stake, the platform noted. Other investors include Vastmere Strategic Investments, an affiliate of Susquehanna International Group, and Alpha Wave Partners.

TikTok's US arm, which is wholly owned by ByteDance, will continue to be responsible for ensuring global content connectivity and a consistent user experience, as well as overseeing e-commerce, advertising, marketing, and other commercial operations.

Editor: Martin Kadiev