TikTok CEO Shou Chew on Thursday told employees of the social media app that its owner, China’s ByteDance, has signed binding agreements to create a new joint venture for the app in the United States, as previously agreed in a deal with the Trump administration.
That deal means that the U.S. version of TikTok will become majority-owned by American investors, according to a memo obtained by NBC News.
Those investors will be tech giant Oracle, private equity fund Silver Lake and MGX, an investment firm.
Those investors did not immediately respond to requests for comment.
In September, Treasury Secretary Scott Bessent and China’s Vice Premier He Lifeng reached a “framework” deal to allow American investors to take control of the app.
Under a bipartisan law passed by Congress, ByteDance was required to
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