WASHINGTON:&nbsp;TikTok said Thursday it had signed a joint venture deal with investors that would allow the company to maintain operations in the United States and avoid a ban threat over its Chinese ownership, US media reported. According to an internal memo cited by Bloomberg and Axios, TikTok CEO Shou Chew told employees that the social media company as well as its Chinese owner ByteDance had agreed to the new entity, with Oracle, Silver Lake and Abu Dhabi-based MGX as major investors. The deal largely confirms a September announcement by the White House that said the new venture would meet the requirements of a 2024 law that threatened to ban the wildly popular app in the United States if ByteDance stayed majority owner.

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TikTok signed a joint venture with US and international investors, including Oracle, to comply with a 2024 law, maintain US operations, and avert a ban over Chinese ownership.

TikTok signs joint venture deal to end US ban threat: US media

SYDNEY: Australia banned young teenagers from social media on Wednesday, launching a world-first crackdown designed to unglue children from addictive scrolling on the likes of Facebook, Instagram and TikTok.&nbsp;A raft of the world&#39;s most popular apps and websites face US$33 million fines if they fail to purge Australia-based users younger than 16.&nbsp;Australia becomes one of the first nations to so forcefully push back against tech titans wielding immense political power.&nbsp;The government says unprecedented measures are needed to protect children from &quot;predatory algorithms&quot; filling phone screens with bullying, sex and violence.&nbsp;&quot;Too often, social media isn&#39;t social at all,&quot; Prime Minister Anthony Albanese said ahead of the ban.&nbsp;&quot;Instead, it&#39;s used as a weapon for bullies, a platform for peer pressure, a driver of anxiety, a vehicle for scammers and, worst of all, a tool for online predators.&quot;&nbsp;The laws came into effect after midnight local time across Australia.&nbsp;Hundreds of thousands of teenagers will wake up to find themselves locked out of apps they once scrolled for hours each day.&nbsp;&quot;I don&#39;t think the government really knows what they&#39;re doing and I don&#39;t think it&#39;s going to have any impact on children of Australia,&quot; said 15-year-old Layton Lewis ahead of the ban.&nbsp;BlacklistedFacebook, Instagram, YouTube, TikTok, Snapchat and Reddit are forbidden from creating or keeping accounts belonging to users in Australia under 16.&nbsp;Streaming platforms Kick and Twitch are also on the government&#39;s blacklist, as are message boards Threads and X.&nbsp;The ban is a godsend for parents sick of seeing children stuck to their phones.&nbsp;Mia Bannister blamed social media for the suicide of her teenage son Ollie, who killed himself last year after he was bullied online.&nbsp;He was also being served endless dieting videos that fuelled an eating disorder, she said.&nbsp;&quot;I&#39;m sick of the social media giants shirking responsibility,&quot; she told AFP in the lead up to the ban.&nbsp;&quot;The problem is we hand them a phone, and we hand them the greatest weapon we could hand them.&quot;&nbsp;A growing body of research suggests too much time online is taking a toll on teen wellbeing.&nbsp;But it is hard to draw firm conclusions that separate phone use from other lifestyle factors.&nbsp;Father-of-five Dany Elachi said the restrictions were a long-overdue &quot;line in the sand&quot;.&nbsp;&quot;We need to err on the side of caution before putting anything addictive in the hands of children,&quot; he told AFP.&nbsp;Really distractedTech-savvy teenagers the world over have already taken an interest in Australia&#39;s ban.&nbsp;&quot;Students nowadays, they are really distracted,&quot; said Nigerian high-schooler Mitchelle Okinedo, 15.&nbsp;&quot;Social media today is very important for expressing yourself, no matter how old you are,&quot; said Santiago Ramirez Rojas, 16, from Mexico City.&nbsp;Meta, YouTube and other social media giants have lined up to condemn the ban, which robs their platforms of masses of dedicated users.&nbsp;While most have begrudgingly agreed to comply, for now, legal challenges are in the wind.&nbsp;Online discussion site Reddit said Tuesday it could not confirm local media reports that said it would seek to overturn the ban in Australia&#39;s High Court.&nbsp;An Australian internet rights group has already launched its own bid to have teenagers re-instated to social media.

Artificial Intelligence

Australia has banned under-16s from using major social media platforms, enforcing strict age checks and heavy fines to protect children from harmful content. Tech giants object, while parents welcome the move and legal challenges are expected. 

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TikTok signs joint venture deal to end US ban threat: US media

Australia bans under-16s from social media in world-first crackdown