Summary:
- ByteDance, the parent company of TikTok, will get 1 out of 7 board seats for TikTok's U.S. operations.
- This is part of a deal to address U.S. national security concerns over TikTok's Chinese ownership.
- The deal also includes the creation of a new U.S. company, TikTok Global, which will be majority-owned by American investors.