ByteDance, the Chinese technology company that owns TikTok, has signed binding agreements to create a new joint venture that will operate the social media platform in the U.S., marking a significant turning point in the yearslong political and legal battle over the app's future. According to NBC News, TikTok CEO Shou Chew informed employees in an internal memo on Thursday that the agreement fulfills a prior commitment reached with the Trump administration.
Under the deal, the U.S. version of TikTok will become majority-owned by American investors, satisfying the core requirement of a bipartisan law passed by Congress in 2024 that sought to address national security concerns tied to the app's Chinese ownership. The new investor group includes Oracle, private equity firm Silver Lake and UAE-based investment firm MGX.
