Inside the U.S. TikTok Deal: Ownership, Security, and What Comes Next
美国版 TikTok 交易解析：所有权、安全与未来走向
TikTok’s future in the United States has taken a decisive turn. After years of political pressure and national security concerns, the app’s parent company ByteDance has finalized a deal that significantly reshapes TikTok’s U.S. ownership and governance.
TikTok 在美国的命运终于迎来关键转折。在经历多年政治压力和国家安全争议后，其母公司字节跳动完成了一项重塑 TikTok 美国业务结构的重要交易。
On January 22, 2026, TikTok announced the official formation of TikTok USDS Joint Venture LLC, a new entity created to comply with an executive order signed by President Donald Trump. Under the agreement, ByteDance will hold less than 20% of the venture, while more than 80% will be owned by non-Chinese investors. The move is designed to address longstanding U.S. concerns that TikTok user data could be accessed by the Chinese government.
2026 年 1 月 22 日，TikTok 宣布正式成立“TikTok USDS 合资有限责任公司”，以遵守美国总统唐纳德·特朗普签署的行政命令。根据协议，字节跳动在新实体中的持股比例将降至 20% 以下，其余 80% 以上的股份由非中国投资者持有，旨在缓解美国政府对用户数据安全的担忧。
The managing investor group includes Oracle, Silver Lake, and MGX, each holding a 15% stake, for a combined 45% ownership. Another 35% is held by other investors, many of them existing ByteDance backers such as the Dell Family Office, Vastmere (a Susquehanna affiliate), and Alpha Wave Partners. TikTok’s U.S. business is estimated to be valued at around $14 billion.
管理投资方包括甲骨文、银湖资本和 MGX，每家各持有 15% 股份，合计 45%。另外 35% 的股份由其他投资者持有，其中不少是字节跳动的现有投资者，如戴尔家族办公室、Vastmere 以及 Alpha Wave Partners。报道称，TikTok 美国业务的估值约为 140 亿美元。
The new joint venture will oversee TikTok’s U.S. operations, including data protection, algorithm security, content moderation, and software assurance. Oracle will play a central role as TikTok’s trusted security partner. It will audit compliance with U.S. national security requirements, manage U.S. user data through its cloud infrastructure, and help secure a U.S.-specific version of TikTok’s recommendation algorithm. While ByteDance will continue to own the underlying algorithm, it will not have access to U.S. user data or influence over how the algorithm operates domestically.
新成立的合资公司将负责 TikTok 在美国的运营，包括数据保护、算法安全、内容审核和软件保障。甲骨文将作为“可信安全合作伙伴”，负责审计国家安全合规性，并通过其云服务管理美国用户数据。同时，甲骨文将协助构建并保护一个美国版算法。尽管字节跳动仍拥有算法所有权，但将无法访问美国用户数据，也不能影响算法在美国的运行。
For TikTok’s roughly 200 million American users, the immediate impact appears limited. Despite earlier speculation, users will not need to download a new app, and TikTok will remain available through existing platforms. However, it remains unclear whether the changes will eventually affect how content is recommended or moderated.
对于约 2 亿美国用户而言，短期内变化不大。用户无需下载新应用，TikTok 仍将继续正常使用。不过，推荐机制和内容审核是否会发生变化，目前仍不明朗。
This deal marks the latest chapter in a saga that began in 2020, when Trump first sought to ban TikTok or force a sale of its U.S. operations. Legal challenges, administrative changes, and multiple failed negotiations followed under both the Trump and Biden administrations. Numerous bidders emerged over the years, ranging from major tech companies to high-profile investor groups. After several deadline extensions, TikTok finally reached an agreement in December 2025, bringing an end—at least for now—to one of the most contentious tech policy battles in recent U.S. history.
这项协议是始于 2020 年的长期博弈的最新结果。当年特朗普首次试图封禁 TikTok 或强制出售其美国业务。随后几年，法律诉讼、政府更迭和多轮谈判反复上演，多家科技公司和投资财团曾参与竞购。经过多次延期后，TikTok 于 2025 年 12 月敲定交易，暂时为这场美国科技政策领域最具争议的事件之一画上句号。
